China Merchants New Energy increases stake in parent United PV to 19%
Jun 23, 2014 - Hong Kong-based solar plants operator United Photovoltaics Group Ltd (HKG:0686) said on Friday that its subsidiary China Merchants New Energy Group (CMNE), had increased its stake in the group from 13.52% to 19.18%.
Solar park investor and operator CMNE has done so by converting bonds into a total of 282.48 million United PV shares at a conversion rate of HKD 1.00 (USD 0.129/EUR 0.095) apiece, which is a premium of about 14.94% over the company’s closing stock price on June 19.
CMNE obtained the convertible bonds when United PV, former Goldpoly New Energy Holdings, acquired 92.17% in CMNE for HKD 2.12 billion in June 2013 paying in stock and convertible bonds. Thus, the parties related to CMNE became the biggest shareholder in United PV.
“In the future, CMNE will grasp the right opportunities to convert the convertible bonds to further increase its shareholding of United PV,” said CMNE executive director Zhenwei LU.