GCL-Poly Energy Holdings Ltd. plans to acquire a 100% equity interest in Jiangsu Zhongneng Polysilicon Technology Development Co. Ltd., a supplier of polysilicon and wafers for use in the solar industry, for HK$26.35 billion. Jiangsu Zhongneng is the main operating entity of GCL Solar Energy Technology Holdings Inc.
The transaction is subject to the approval by independent shareholders and the grant of whitewash waiver by the Securities and Futures Commission of Hong Kong.
GCL Solar's annual polysilicon production capacity is expected to reach 18,000 metric tons (MT) by the end of 2009. With further technical upgrade, it will further expand to 21,000 MT by the end of 2010.
SOURCE: GCL-Poly Energy Holdings Ltd.
