Cencorp issues 4m shares to Dutch Sunweb Solar

Nov 28, 2013 - Finnish automation solutions developer Cencorp (HEL:CNC1V) said today it had completed the previously agreed issue of 4 million shares priced at EUR 0.12 (USD 0.16) each to Dutch firm Sunweb Solar Holding BV.

In January this year, Cencorp acquired the photovoltaic (PV) module business of Sunweb for EUR 1 million, including EUR 450,000 in cash. The EUR-480,000 directed share issue completed today was intended to satisfy the remaining portion of the acquisition consideration.

The acquisition included Sunweb's PV module pilot production line, the Sunweb trademark and the intellectual property rights related with the business. At the time, the buyer explained that the acquisition was to step up Cencorp's activities on the establishment of a PV module production factory in Finland. Cencorp’s focus is on automation systems, but it has chosen clean energy as its other business.

(EUR 1 = USD 1.360)

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