GCL-Poly mulls financing transaction

Nov 11, 2013 - Hong Kong-based polysilicon and solar wafer maker GCL-Poly Energy Holdings Ltd (HKG:3800) today confirmed it was in talks on financing options with a number of financial institutions.

The company said that the possible transactions might include a convertible bonds issue. Yet it stressed that it has not signed any legally binding deal, contract or arrangement as regards to any possible financing.

Further details were not available at that time.

In a separate statement today, GCL-Poly said that its polysilicon and wafer sales volumes for the first nine months of this year had jumped as demand improved. The company sold 12,490 tonnes of polysilicon, up 29.2% year-on-year. The average selling price (ASP) for the raw material, which is used in the making of solar cells, stood at USD 17 (USD 2.19/EUR 1.64) per kg for the nine-month period. Furthermore, GCL-Poly sold 6,363 MW of wafers or 47.4% more than in the same nine months of 2012. The ASP here was USD 0.21 per watt, an improvement from USD 0.20 per watt in the first six months of the year.

(HKD 10 = USD 1.290/EUR 0.962)

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