|
|
|
|
|
|
- Strengthens Shareholder Base and Financial Position & Prepares for Future Business Development
|
HONG KONG, Sept 14, 2020 - (ACN Newswire) - Xinyi Energy Holdings Limited ("Xinyi Energy" or the "Group"; stock code: 03868), a leading solar farm operator in the PRC has today announced that the Group will issue and allot 357,520,000 Placing Shares at the placing price of HK$2.50 per share to China Life Insurance (Group) Co. ("China Life Insurance") and Hillhouse Capital Advisors, Ltd. ("Hillhouse Capital"). China International Capital Corporation Hong Kong Securities Limited ("CICC") is the sole placing agent for the Placing.
Pursuant to the Placing Agreement with CICC, China Life Insurance and Hillhouse Capital will subscribe for 125,020,000 Placing Shares and 232,500,000 Placing Shares respectively. The total number of 357,520,000 Placing Shares represent approximately 5.29% of the existing issued share capital and approximately 5.03% of the enlarged issued share capital of the Group. The placing price represents a discount of approximately 8% to the closing price of HK$2.72 per Xinyi Energy share on 11 September 2020, being the last trading day prior to signing of the Placing Agreement. The Placing is expected to be completed no later than 2 November 2020. After deducting all relevant costs and expenses, the net proceeds will be approximately HK$893.2 million which the Group intends to use for general working capital.
Mr. LEE Shing Put, B.B.S., Chairman and Executive Director of Xinyi Energy, said, "We are delighted to introduce renowned institutional investors, China Life Insurance and Hillhouse Capital, to join us as shareholders. Their investment serves as evidence of the investors' confidence in our business strategies and prospects. Xinyi Energy believes that the Placing will further expand our shareholder base and strengthen our financial position in order to get well prepared for future business development and deliver continuous and stable returns for shareholders."
About Xinyi Energy Holdings Limited (Stock Code: 03868)
Xinyi Energy, a leading solar farm operator in the PRC, mainly generates revenue from solar power electricity generation and sales of electricity to local subsidiaries of the State Grid, as well as receives management fees through the provision of operating and managing services of solar farms. All utility-scale solar farm projects owned by the Group are located in provinces with strong demand of electricity, such as Anhui Province, Hubei Province, Henan Province, Fujian Province and Tianjin Municipality, with no power curtailment problem ever in the past operating period. Currently, Xinyi Energy is owning a total of 16 solar farm projects with the aggregate approved capacity of 1,514 MW. Xinyi Energy intends to maintain a high dividend payout ratio. It's the Board's intention to declare and distribute not less than 90% of the distributable income for each financial year. Its controlling shareholder is Xinyi Solar Holdings Limited (stock code: 00968), which holds 52.7% of the Group's shares in issue as at 30 June 2020.
For details, please visit www.xinyienergy.com
Topic: Press release summary
Source: Xinyi Energy Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
