9/17/2007 3:22:39 PM China Technology Development Group Corporation (CTDC), a provider of information technology and network security services, said Monday it agreed to acquire all the solar energy assets and business of Shenzhen Soyin Electrical Appliance Industrial Co., Ltd. through a joint venture between the companies.
The Hong Kong-based CTDC expects to contribute US$5.8 million or RMB43.80 million in cash consideration to the new joint venture company, Shenzhen Shengguang New Energy Technology Co., Ltd. CTDC will hold the majority stake with 49% of ownership of the joint venture company.
Under the agreement, all of Soyin's existing solar energy business will be solely operated by the JV Company upon completion of its establishment. In addition, the board of directors of the JV Company will consist of five directors and three of them will be appointed by CTDC.
Soyin is a leading Photovoltaic application product provider in China.
"This acquisition of the solar energy business presents a significant opportunity to accelerate the expansion and growth of the Company's business portfolio in the solar energy market. We are committed to growing our business both through organic growth and strategic acquisitions," said Alan Li, Chairman and Chief Executive Officer of CTDC.
CTDC is trading at $6.30, up $0.30 or 5.00% on a volume of 2.57 million shares.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment