Key Developments: JA Solar Holdings Co Ltd (JASO.O)
17 May 2013
Latest Key Developments (Source: Significant Developments)
Ja Solar Holdings Co Ltd announced the appointment of Mr. Baofang Jin as Chief Executive Officer, effective January 21, 2013. Mr. Jin will replace Dr. Peng Fang, whose three-year term of service will end on January 20, 2013. Full Article
Ja Solar Holdings Co Ltd announced that it has signed a supply agreement with A Shade Greener (ASG), a UK-based PV installer and installer of free solar panels to the residential market in the United Kingdom. Under the terms of the agreement, the Company will supply ASG with 47 MW of crystalline solar modules. Shipments commenced this month. Full Article
Ja Solar Holdings Co Ltd's JA Solar Hong Kong Limited Enters Into Share Transfer Agreement With AU Optronics Corp.'s M.SETEK Co., Ltd.
Ja Solar Holdings Co Ltd announced that it entered into a share transfer agreement (the Agreement) on July 23, 2012 with M.SETEK Co., Ltd. (M.SETEK), a polysilicon and solar wafer manufacturer in Japan controlled by AU Optronics Corp. Pursuant to the Agreement, M.SETEK will transfer its 65% equity interest in Hebei Ningjin Songgong Semiconductor Co., Ltd. (Ningjin Songgong) to JA Solar Hong Kong Limited (JA Hong Kong), a wholly-owned subsidiary of the Company, for RMB247.0 million (USD38.9 million). The parties expect to complete the share transfer by the end of this year. Under the framework agreement, M.SETEK agreed to: use the dividends distributed by Ningjin Songgong to repay part of the prepayments; transfer its 65% equity interest in Ningjin Songgong to the Company at an appraisal price, which will be used to offset part of the remaining unused prepayments; and continue to deliver polysilicon to fully utilize the remaining unused prepayments, if any. Upon the consummation of the share transfer, Ningjin Songgong will be 65% owned by JA Hong Kong, 32.7% beneficially owned by Mr. Baofang Jin, executive chairman of the board of directors of JA Solar and general manager of Ningjin Songgong, and 2.3% beneficially owned by several third-party individuals. Full Article
Ja Solar Holdings Co Ltd announced that Board of Directors has approved a share repurchase program, effective immediately, that authorizes JA Solar to repurchase up to a USD100 million worth of its issued and outstanding American Depositary Shares (ADSs) prior to September 30, 2012. The program permits the Company to purchase ADSs from time to time prior to September 30, 2012 on the open market at prevailing market prices, in accordance with applicable securities laws and subject to restrictions relating to volume, price and timing. Full Article
March 27 - China-based Trina Solar Ltd and JA Solar Holdings Co Ltd said they will be able to pay for their U.S. bonds that mature in the next few months, days after rival Suntech Power Holdings Co Ltd defaulted on $541 million of its bonds.