English | 简体中文 | 繁體中文 | 한국어 | 日本語
Monday, 25 July 2011, 20:20 HKT/SGT
Share:
    

Source: Anwell
Dongguan Government Invests RMB700 Million in Anwell's Subsidiary for the Development of a Solar Panel Plant in Dongguan
Municipal Government of Dongguan to become 19.5% shareholder of Dongguan Anwell Digital Machinery Co Ltd.

SINGAPORE, July 25, 2011 - (ACN Newswire) - Anwell Technologies Limited ("Anwell" or the "Group"), announced that its wholly owned subsidiary, Dongguan Anwell Digital Machinery Co Ltd. ("Dongguan Anwell") had secured RMB700 million in capital injection from the Municipal Government of Dongguan (the "Dongguan Government"), for the development of Anwell's second thin film solar panel manufacturing base in Dongguan.

With this significant investment, the Dongguan Government will become a 19.5% shareholder in Dongguan Anwell, valuing Dongguan Anwell alone at S$680 million (RMB3.6 billion).

At the end of five years following the capital injection, the Dongguan Government has the option of selling its shares in Dongguan Anwell to Anwell at cost plus interest.

In addition to this round of capital injection, Anwell has recently secured a total of RMB1.2 billion in long term funding for the second thin film solar panel plant in Dongguan and expansion of Anyang thin film solar panel plant from the municipal governments of both cities. Anwell aims to achieve 1.5GW annual production capacity within 5 years.

"The entry of the Dongguan Government as a strategic investor in our subsidiary provides strong assurance to our shareholders, customers and other stakeholders on the long term viability of our solar business. The premium valuation given to Dongguan Anwell Digital Machinery by the Dongguan Government is a strong vote of confidence in our investment potential and future growth, as we significantly ramp up our production capacity to meet global demand for thin film solar panels," said Franky Fan, Executive Chairman & CEO.

Contact:
Investor Relations Contact
Ken Wu, CFO
Anwell Technologies Limited
Tel: +852 2499 9178
Fax: +852 2499 9170
E-mail: kenwu@anwell.com

Gabriel Tan/ Edward Mai
Financial PR Pte Ltd
Tel: +65 6438 2990
Fax: +65 6438 0064
E-mail: gabriel@financialpr.com.sg
edward@financialpr.com.sg


Topic: Investment
Source: Anwell

Sectors: Alternative Energy
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Anwell Related News
July 19, 2011 18:20 HKT/SGT
Anwell Breaks into India Solar Farm Market with US$20 million Thin Film Solar Panel Order
June 23, 2011 18:13 HKT/SGT
Anwell Secures RMB500 Million Long-term Funds for Second Solar Panel Plant in Dongguan
June 21, 2011 16:50 HKT/SGT
Anwell to Ramp up Solar Panel Production Capacity with Long-term Government Funding of RMB700 million
Sept 20, 2010 20:58 HKT/SGT
Anwell Received Deposit for Solar Module Order of at Least 180MW
July 22, 2010 22:30 HKT/SGT
Anwell Signs MOU to Deliver Blu-ray Disc Equipment to a Global Media Manufacturer
More news >>
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575