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Korea M&A Corporation
China Technology Announces Proposed Acquisition of All Solar Energy Related Assets 본문
China Technology Announces Proposed Acquisition of All Solar Energy Related Assets
Korea M&A 2007. 9. 24. 10:59HONG KONG, Sept. 17 /Xinhua-PRNewswire-FirstCall/ -- China Technology Development Group Corporation today announced the proposed acquisition of all solar energy assets and business of Shenzhen Soyin Electrical Appliance Industrial Co., Ltd. ("Soyin").
The Company expects to contribute US$5.8 million (RMB43, 800,000) in cash consideration to a new joint venture, Shenzhen Shengguang New Energy Technology Co., Ltd. (the "JV Company"), pursuant to the joint venture agreement signed by the Company and Soyin on September 14, 2007. The Company will be the largest shareholder of the JV Company, holding a 49% ownership interest. All of Soyin's existing solar energy business will be solely operated by the JV Company upon completion of its establishment. In addition, the board of directors of the JV Company will consist of five directors and three of them will be appointed by the Company.
Soyin, founded in 1998, is a leading Photovoltaic (PV) application product provider in China. Soyin's major customers are from overseas which include Atico (one of the largest trading companies in U.S.), Test Rite Group (top 3 trading companies in Taiwan) and Axone (top trading company in France), etc.
Mr. Alan Li, Chairman and Chief Executive Officer of the Company, commented, "This acquisition of the solar energy business presents a significant opportunity to accelerate the expansion and growth of the Company's business portfolio in the solar energy market. We are committed to growing our business both through organic growth and strategic acquisitions."
Mr. Zhenwei Lu, General Manager of China Merchants Technology Holdings Co., Ltd., stated, "With strong government endorsement and abundant resources from China Merchants Group, the largest shareholder of CTDC, this acquisition represents a significant step in CTDC's strategy to invest in the solar energy business. We believe it's a natural fit for CTDC to further invest in the downstream application sector and are fully supportive of its business expansion."