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SongLiao Automobile Co Ltd Announces Private Placement Plan of A Shares; to Fully Acquire China-based Company


Thursday, 4 Jul 2013 08:00pm EDT 

SongLiao Automobile Co Ltd announced that it will issue up to 377,957,200 A shares of common stock with par value of RMB 1 per share at not less than RMB 6.03 per share in private placement. The Company aims to raise up to RMB 2,279,081,900 through the issuance. The Company will use the proceeds to acquire a 100% stake in a Xinjiang-based photovoltaic company, from Zhejiang Shu Qimeng Energy Technology Co., Ltd. The discrete value of the 100% stake in Zhejiang Shu Qimeng Energy Technology Co., Ltd. is approximately RMB 455 million. The Company will also use the proceeds to build a photovoltaic station in Gansu province and to supplement working capital. 

Company Quote

7.31
-0.07 -0.95%
17 Jun 2014