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GCL-Poly selling USD 87m of stock

RISE 2018 at HKEx. Author: RISE.

June 11 (Renewables Now) - China's GCL-Poly Energy Holdings Ltd (HKG:3800) said today it aims to raise HKD 680 million (USD 86.7m/EUR 76.7m) in a share placing to repay existing borrowings and get funds for general corporate needs.

The polysilicon and wafer maker is selling 1,511 million shares at a price of HKD 0.45 apiece, or a discount of 8.2% to the average closing price of its stock for the last five trading days up to and including June 10. These shares will represent a stake of 7.62% of the company’s capital after completion of the placement.

UBS AG Hong Kong Branch, the placing agent, intends to sell the shares to at least six investors. None of them would become a substantial shareholder of GCL-Poly, the company noted.

(HKD 10 = USD 1.28/EUR 1.13)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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