On June 13, Sunshine Energy announced that the company intends to acquire 13.76% and 8.72% of Jiangsu Yueyang Photovoltaic Technology from Seller A and Seller B respectively for 58.13 million yuan and 36.82 million yuan. Jiangsu Yueyang Photovoltaic Technology will become a wholly-owned subsidiary of Sunshine Energy.
As of the day of the announcement, Sunshine Energy directly holds about 63.51% of Jiangsu Yueyang Photovoltaic Technology and indirectly holds about 77.52% by the company. Upon completion of the Transaction, the Target Company will be directly held as to approximately 85.99% by Sunshine Energy and indirectly held as to 100% by the Company.
The company said that the group is mainly engaged in the manufacturing and trading of photovoltaic modules. In view of the increasing market demand for photovoltaic modules in recent years, the Group expects that the demand for photovoltaic modules will continue to increase. The module production base of the Target Company has started large-scale production, which has significantly improved the economies of scale of module products.
By then, the Group will be able to take full responsibility for its daily operation management and development, which will be conducive to enhancing the Group's ability to further improve the quality of development and continue to expand the production scale of photovoltaic module products as one of the Group's main businesses.
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