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Daqo New Energy Corp Sells Nanjing Daqo New Energy Co., Ltd. To Daqo Group


Saturday, 29 Sep 2012 08:00am EDT 

Daqo New Energy Corp announced that it has sold Nanjing Daqo New Energy Co., Ltd., the entity that operates the Company's module business, to Daqo Group for a consideration of RMB65.6 million. Daqo Group is one of the private electrical equipment manufacturers in China and an affiliate of the Company. Daqo Group's shareholders in aggregate beneficially own over a majority of the Company's total outstanding ordinary shares. The transaction has been approved by the Company's audit committee, which is composed entirely of independent directors. The Company had conducted a public auction of Nanjing Daqo New Energy Co., Ltd. through Nanjing Asset and Equity Exchange before it determined that the terms of the sale of the module business to Daqo Group are fair to the Company. 

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28 Jul 2014