SMM News: Poly Xiexin Energy announced that on June 26, 2019, Jiangsu Zhongneng Silicon Technology Development Co., Ltd., an indirect non-wholly owned subsidiary of the company, entered into a share purchase agreement with Xuzhou Zhongping Xiexin Industrial upgrade Equity Investment Fund (limited partnership) (buyer) and Xinjiang Xiexin New Energy material Technology Co., Ltd., in exchange for a consideration of about 2.491 billion yuan.
The net proceeds from the sale, which are about 2.4 billion yuan, are intended to be used to repay bank loans and working capital, the statement said.
It is reported that the buyer was established to promote the industrial transformation and upgrading of Jiangsu Zhongneng and enhance the competitiveness of Xuzhou enterprises in photovoltaic and other clean energy industries. As at the date of announcement, Jiangsu Zhongneng is a limited partner of the buyer and will invest RMB 1.35 billion in the buyer and has no control over the buyer.
Xinjiang Xiexin is mainly engaged in the production and sale of polysilicon products. On December 31, 2018, Xinjiang Xiexin had a net worth of about 1.444 billion yuan.
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