January 3 (Renewables Now) - China National Building Materials Co Ltd (HKG:1893), or CNBM, has agreed toacquire a 16.8% interest in Singulus Technologies AG (ETR:SNG), the German supplier of machinery to the solar and other industries.
As part of the deal, the value of which was not disclosed, CNBM has purchased about 1.5 million shares in Singulus Technologies, the German company said in a press release on Tuesday.
The transaction is pending clearance by Chinese government agencies and the relevant antitrust authorities and is expected to close “in the near future”. The respective approvals are expected to be granted over the coming months.
Singulus Technologies in November reported earnings before interest and tax (EBIT) of about EUR 400,000 (USD 481,800) for the first nine months of 2017, against an EBIT loss of EUR 14.8 million a year earlier, as sales rose to EUR 63.6 million from EUR 36.7 million. The company recently secured an order from CNBM to supply production systems for CIGS (copper indium gallium selenide) solar modules. The total value of the deal that calls for the delivery of five selenisation systems exceeds EUR 30 million.
(EUR 1.0 = USD 1.205)