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Grinm Semiconductor Materials Co Ltd to Issue Shares for Stake Acquisition and Fund Raising


Friday, 23 Aug 2013 12:00pm EDT 

Grinm Semiconductor Materials Co Ltd announced that it will issue 110,547,658 shares at RMB 11.26 per share to nine companies including General Research Institute for Nonferrous Metals, to acquire 85% stake in Grirem Advanced Materials Co., Ltd., 95.65% stake in a precious metal material company and 96.47% stake in a photovoltaic material company, and will also acquire part of equipment from General Research Institute for Nonferrous Metals. The transaction price is RMB 1,244,766,600 in total. As a result, the Company will hold 85% stake in Grirem Advanced Materials and 100% stake in the other two companies. The Company will also issue shares at no less than RMB 11.26 per share to raise up to RMB 414,922,200 in total through private placement, mainly for business operation.