August 6 (Renewables Now) - The planned merger between loss-making Taiwanese solar product makers Neo Solar Power (TPE:3576), Gintech Energy (TPE:3514) and Solartech Energy (TPE:3561) is expected to be concluded on October 1, 2018.
The schedule for the transaction was approved on Friday by the boards of the involved parties. The last trading day for the stocks of Gintech and Solartech will be September 17, 2018.
As announced in October 2017, the three firms had agreed to combine their operations into a single company, with Neo Solar becoming the surviving entity and changing its name to United Renewable Energy Co Ltd (UREC). The government of Taiwan will take a stake in the newly-formed company, through the National Development Fund and Yao-Hwa Co Ltd, by subscribing to shares under private placements.
The transaction has already been cleared by Taiwan’s Fair Trade Commission (FTC), regulators in China and Germany, and the stockholders of the three companies.