Hanwha Chemical buys 49.99% stake in Solarfun

(ADPnews) - Oct 11, 2010 - Chinese photovoltaic (PV) equipment maker Solarfun Power Holdings Co Ltd (NASDAQ:SOLF) said last Friday that South Korean company Hanwha Chemical Corporation (SEO:009830) holds 49.99% in it.

Hanwha bought around 36.5 million ordinary shares from Solarfun at a price of CNY 14.51 (USD 2.2/EUR 1.6) per share. It also bought all shares from Solarfun's largest shareholder Good Energies II LP and Yonghua Solar Power Investment Holding Ltd.

The proceeds from the investment are estimated at USD 78 million (EUR 56m), which will be used for expansion and general purposes.

In addition, three designees from the Korean company -- Ki-Joon Hong (Hanwha's CEO), Dong Kwan Kim (managing director) and Wook Jin Yoon (director of the investment management team) -- were appointed as directors of Solarfun. They replace Yonghua Lu and John Breckenridge, who resigned as directors, and Terry McCarthy and Rongqiang Cui, who stepped down as independent directors on September 16, 2010.

(CNY 1 = USD 0.149/EUR 0.107)

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