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| - Mr Ho Yau Lung Lawrence Subscribes for Convertible Bonds Worth HK$23M, Representing 5.84% of Enlarged Issued Share Capital |
HONG KONG, Oct 26, 2010 - (ACN Newswire) - Soluteck Holdings Limited ("Soluteck" or "the Group"; Stock Code: 08111.hk), which is diversifying into renewable energy business, announced that it has issued 78,400,000 shares at a price of HK$0.50 per share to not less than six investors. At the same time, Soluteck has issued convertible bonds in an aggregate amount of HK$26,000,000 to three investors including Best Jump International Limited, a company wholly held by Mr Ho Yau Lung Lawrence. The proceeds resulted from the issue of placing shares and convertible bonds will be used as general working capital and for the proposed acquisition of a Chinese company which is engaged in photovoltaic electricity-generating business as disclosed earlier.
The above company which is engaged in photovoltaic electricity-generating business has obtained the approval from the Chinese Government to conduct solar power-generating business in Qinghai. "It is our honour that Mr Ho Yau Lung Lawrence has agreed to subscribe for our convertible bonds," said Mr. Hou Hsiao Bing, Chairman of Soluteck. "This reflects the market's recognition to our business development strategy. The Group plans to tap into renewable photovoltaic energy business in order to increase our profitability and maximize our shareholders' value."
Mr Ho Yau Lung Lawrence, Chairman and Chief Executive Officer of Melco International Development Limited and also a Member of The Chinese People's Political Consultative Conference, Shanghai Committee, has subscribed for the Group's convertible bonds in an aggregate amount of HK$23,000,000, representing 5.84% of the Company's enlarged issued share capital upon conversion.
On 15 October 2010, Soluteck announced that it has entered into a non-legally binding Memorandum of Understanding in relation to the proposed acquisition of the entire issued share capital of China Technology Solar Power Holdings Limited ("China Technology Solar Power"). Qinghai Baike Solar Power Co., Ltd, a company wholly owned by China Technology Solar Power, is principally engaged in photovoltaic power station, the design, construction and operation of biomass power plant, electrical equipment, machinery and equipment, the manufacturing and sales of metal components, quality examination of auxiliary equipment such as battery components and converters. The permitted operation period will end in July 2039.
As the largest energy-consuming country in the world, China has already set a goal to increase its ratio of using renewable energy to 15%. At its proposed 12th Five-Year Plan, the focus is on ten major renewable energy projects, of which the "Golden Sun" Project, well supported by the photovoltaic energy-generation policy, has already been launched. During the period of the 12th Five-Year Plan, the installed photovoltaic capacity target is 5GW.
Contact:
Quam IR
Ms Anita Wan
Tel: +852-2217-2687
E-mail: anita.wan@quamgroup.com
Ms Sharon Au
Tel: +852-2217-2680
E-mail: sharon.au@quamgroup.com
Ms Venus Lam
Tel: +852-2217-2909
E-mail: venus.lam@quamgroup.com
Topic: Issue of Stocks/Bonds
Source: Soluteck Holdings Limited
Sectors: Daily Finance, Cloud & Enterprise, IT Individual
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From the Asia Corporate News Network
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