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| Wednesday, 28 September 2016, 18:30 HKT/SGT | |
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HONG KONG, Sept 28, 2016 - (ACN Newswire) - Jete Power Holdings Limited ("Jete Power" or "the Group"; stock code: 8133.HK) is pleased to announce the acquisition of 39% issued share capital in Novel Sino Group Holdings Limited ("Novel Sino") at the Consideration of HK$10 million ("Acquisition Agreement"). The Consideration has been settled in cash at Completion. Upon Completion, Novel Sino will become an associate of the Group.
According to the Acquisition Agreement, Novel Sino covenanted and guaranteed to Jete Power that the total actual net profit shall not be less than HK$9 million for the two financial years ending 31 December 2017 and 2018 ("Total Guaranteed Profit") ("Profit Guarantee"). In the event that the Profit Guarantee is not achieved, Novel Sino shall pay the Group on a dollar-for-dollar basis, as below:
(Total Guaranteed Profit - Total Actual Net Profit) X 39 % X 5.698 / 2
If Novel Sino records a total loss for the two financial years ending 31 December 2017 and 2018, the compensation amount will be the same as the Consideration, being HK$10 million.
Novel Sino is principally engaged in investment holding, Dongtai Energy Technology Company Limited ("Dongtai Company"), located in Dongtai City, Jiangsu Province, is the operating subsidiary of Novel Sino. It is principally engaged in the manufacturing of CIGS (copper indium gallium selenide) thin film solar panels and photovoltaic energy generation business. Dongtai Company has entered into strategic cooperation agreement with local government authority for the development of CIGS thin film solar panels and solar power generation business, under which Dongtai Company will benefit from certain privileged treatments and resources in developing the photovoltaic power generation business in Dongtai City, Jiangsu Province, the PRC.
CIGS is a material used in photovoltaic industry. The technology of CIGS thin film solar panel is one of the most promising technology in solar energy fieldnowadays. CIGS thin film solar panels are flexible and light, thus they can be widely applied as buildingintegrated photovoltaics materials as part of the building envelope, including the application to the distributed generation. Currently, Novel Sino is in final preparation of the production plant with an initial annual production capacity 30 Megawatt CIGS thin film, and the operation of the plant is scheduled to commence at about March 2017. The conversion rate of CIGS thin film solar panels manufactured by Dongtai Company is expected to be around 15%, an industry leading level in the PRC.
After the commencement of operation of the CIGS thin film solar panels manufacturing business, the Dongtai Company will also expand into photovoltaic power generation business which is expected to be one of the important sources of revenue to the Novel Sino in the future.
In line with the supportive policy towards developing renewable energy for a better environment protection, the PRC government has been implementing policies to create a favourable business environment for the development of photovoltaic energy business. In the future, with more emphasis on the distributed photovoltaic generation from the PRC government, the CIGS thin film of Novel Sino may benefit from the increasing demand and application of CIGS thin film with BIPV approach on building envelope and other distributed photovoltaic power generation. The Group believes that the Acquisition presents the Group with a good opportunity to diversify its investment portfolio
About Jete Power Holdings Limited (Stock Code: 8133.HK)
Jete Power Holdings Limited is a manufacturer of metal casting parts and components in the PRC. Their products can be categorised into four main categories: (1) pump components; (2) valve components; (3) filter components; and (4) food machinery components, which are made of stainless steel, carbon steel, bronze and/or grey iron. Our customers generally are the suppliers of flow control devices, electromechanical equipment, and industrial machinery and equipment. Their products are the parts and components of our customers' products. The Group's largest market is Germany. We also have customers from Hong Kong, the PRC and the USA.
Topic: Press release summary
Sectors: Metals & Mining, Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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