The planned disposal of greater than a 3rd of this Chinese company that is solar task portfolio would just take an important chunk away from its financial obligation hill but trading in business stock ended up being halted today, pending a statement pertaining to the task purchase. Shunfeng sold down German PV project monitoring company meteocontrol to another procedure owned by its main shareholder by the end of this past year.
Shunfeng is among the Chinese developers that are solar across the cash to try to keep consitently the wolf through the home.
Chinese solar business Shunfeng Global Clean Energy announced a halt in trading in its stocks this early early morning, pending a statement linked to a fire sale of approximately 540 MW of its solar task capability.
The business has received a busy period from it since our last upgrade in-may year that is last the degree of its debt mountain had been revealed with its full-year numbers for 2018.
Since that time, a proposed sale of the Jiangsu Shunfeng Photovoltaic tech Co Ltd to a company owned by Shunfeng shareholder that is major Kin Ming has helped relieve some issues plus the business now is designed to offer off 11 of the Chinese solar task companies to make benefits well worth another RMB1.63 billion (US$232 million).
Wuxi Suntech and meteocontrol
The purchase of Jiangsu Shunfeng towards the Asia Pacific Resources Development Investment Ltd company owned by Chen Kin Ming in raised https://mail-order-bride.net/taiwan-brides/ an immediate RMB200 million to pay off RMB24.7 million debts owed by Shunfeng to Shanghai Dazong Financial Leasing Co Ltd, COSCO Shipping Leasing Co Ltd and Cinda Financial Leasing Co Ltd and also paid other debt interest of RMB110 million as well as settling payables worth around RMB65.7 million december.
The Jiangsu Shunfeng purchase – which included the transfer of German solar project monitoring business meteocontrol GmbH and PV plant administration unit Solarstrom AG plus the Wuxi Suntech brand name to Asia Pacific Resources – additionally saw the customer simply simply simply take on responsibility of HK$1.2 billion (US$154 million) for the HK$2.5 billion owed by Shunfeng to Sino Alliance and saw the Peace Link company additionally owned by Cheng Kin Ming surrender liberties to HK$1.95 billion owed it by Shunfeng under a convertible relationship issuance.