Nov 15, 2013 - China’s Hanwha SolarOne Co Ltd (NASDAQ:HSOL) said today it had launched an at-the-market equity offering plan under which it intends to sell up to USD 70 million (EUR 52m) worth of American Depositary Shares (ADSs).
The solar equipment maker is to use any proceeds for technical upgrades to its manufacturing capacity and for its business diversification, which includes the expansion of downstream operations with a focus on China.
Credit Suisse AG (VTX:CSGN) has been named sales agent if the at-the-market equity share offering programme. Sales, if any, will be carried out from time to time via ordinary broker transactions, in negotiated deals at market prices, or as otherwise agreed with Credit Suisse.
One ADS is equal to fiver ordinary Hanwha SolarOne shares.
Earlier this week the company guided for a 13%-19% quarter-on-quarter rise in October-December shipments and said it expected better gross margins and stable or improved selling prices.
For the third quarter Hanwha SolarOne reported a net loss of CNY 460.4 million (USD 75.6m/EUR 56.2m). This compares to losses of CNY 322.1 million a year before and CNY 166 million in the second quarter of 2013. Revenue amounted to CNY 1.14 billion, up from CNY 966 million. The Japanese market accounted for 46% of the total sales.
(CNY 10 = USD 1.641/EUR 1.221)
Choose your newsletter by Renewables Now. Join for free!