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CIC said that the completion of the transaction will depend on factors such as the signing of the final transaction document and the approval of GCL-Poly shareholders. After the subscription is completed, CIC will hold approximately 20% of the diluted equity of GCL-Poly. In addition, CIC and GCL-Poly also plan to set up a joint venture company to jointly invest in a joint venture established with a total initial capital of US$500 million to develop solar power projects or other solar energy projects. The ratio of CIC and GCL-Poly in the joint venture is 49:51.
According to an announcement issued by GCL-Poly, the funds raised by the share subscription will be used to expand general working capital, repay loans and develop new businesses, including investment and development of joint ventures with CIC. After the share subscription is completed, CIC has the right to appoint two directors.
Hong Kong-based GCL-Poly is a polysilicon and silicon wafer manufacturing supplier and an environmental power operator with nearly 20 years of operational management experience.
China Investment invests 5.5 billion yuan in domestic largest polysilicon company
China Investment Co., Ltd. announced on the 19th that it has signed a binding framework agreement with GCL-Poly Energy Holdings Co., Ltd. to purchase approximately 3.108 billion shares of the company at a price of HK$1.79 per share. The investment is about HK$5.5 billion.