China Thin-Film Solar Leader Hanergy Sells Stake To Macrolink; Gets $660 Mln In New Business
http://www.forbes.com/sites/russellflannery/2015/...-in-new-business/
Hanergy Thin Film Power Group, China’s largest supplier of thin-film solar equipment and products, said on Friday it had raised HK$5.46 billion, or $705 million, from the sale of 1.5 billion new shares, representing a 3.48% stake, to Macrolink New Resources at a price of HK$3.64 per share.
Macrolink is a member of the Macrolink Group, a collection of companies with ties to Beijing tycoon Fu Kwan. Hanergy said in a statement it would use funds raised from the stock sale for future investment and development “when opportunities arise.” Chinese media recently reported that Hanergy is looking to invest in a car venture and would supply solar panels for vehicles.
The selling price for the shares sold to Macrolink was a 19% discount to Hanergy’s HK$4.52 closing price at the Hong Kong Stock Exchange on Friday.
Macrolink New Resources has also agreed to purchase $198 million of production equipment that will be make solar panels to be installed on buildings, Hanergy said in a statement. As part of the agreement, Hanergy will provide services to Macrolink New Resources at a fee of $462 million.
The stock sale and new order will bolster Hanergy’s cash at a time when the Financial Times newspaper, in a report last month, questioned the company’s financial health.
Its Hong Kong-traded shares have soared in the last year, putting its market cap at $24.3 billion. That compares with $6 billion for First Solar, the big U.S. thin-film solar maker.
Hanergy’s billionaire chairman Li Hejun had a fortune worth $13 billion on the Forbes China Rich List released last October. |
