Beisheng Pharmaceutical to buy Topoint Photovoltaic

(SeeNews) - May 30, 2012 - Chinese firm Guangxi Beisheng Pharmaceutical (SHA:600556) will acquire mono- and polycrystalline ingot maker Zhejiang Topoint Photovoltaic in an asset restructuring plan, Securities Times said, quoting a company filing on Tuesday.

The buyer thus seeks to enter the solar power sector and help Topoint Photovoltaic restore profitability.

Beisheng Pharmaceutical plans to issue 692 million shares priced CNY 2.6 each to Topoint Photovoltaic's 26 shareholders. The company will also cover the target firm's debt to Zhejiang Joyon Real Estate by issuing 27.07 million shares to the creditor. The debt is estimated at CNY 70.4 million (USD 11m/EUR 9m).

Topoint Photovoltaic revenues from its solar cell business dropped to CNY 182 million in 2011 from CNY 276 million in 2010.

(CNY 1 = USD 0.157/EUR 0.126)

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