Oct 1, 2012 - Chinese polysilicon maker Daqo New Energy Corp (NYSE:DQ) said Saturday it had spun off its Nanjing Daqo New Energy Co Ltd modules manufacturing unit and sold it to Daqo Group for a total of CNY 65.6 million (USD 10.4m/EUR 8.1m).
Chinese electrical equipment manufacturer Daqo Group beneficially holds a majority stake in Daqo New Energy.
The company’s audit committee, made up of independent directors, has given the green light to the deal.
The unit was sold to Daqo Group through a public auction held at the Nanjing Asset and Equity Exchange.
Gongda Yao, chief executive officer of Daqo New Energy, said that the spin-off of the modules business was part of the company’s efforts to focus on its core polysilicon and wafer operations.