GCL-Poly Acquires Jiangsu Zhongneng

GCL-Poly Energy Holdings has completed the acquisition of Jiangsu Zhongneng Polysilicon Technology Development Co. Ltd. GCL-Poly announced the proposed acquisition of Jiangsu Zhongneng on June 22, at a consideration of HK $26.35 billion [US $3.4 billion].

The consideration will be satisfied by means of a cash payment of US $200 million, issuance of a US $350 million secured note and issuance of 10.04 billion shares at HK $2.2 [US $0.28] per share. The number of issued shares of GCL-Poly will be increased from 1.02 billion shares to 11.06 billion shares.

The acquisition has been granted shareholder approval and a whitewash waiver by the Securities and Futures Commission of Hong Kong. All conditions under the acquisition agreements have been fulfilled and accordingly the completion took place today on July 31.

Jiangsu Zhongneng’s annual polysilicon production capacity is expected to reach 18,000 MT by the end of 2009 and 21,000 MT by the end of 2010. GCL is planning to establish a wafer production complex with more than 1 gigawatt capacity by mid-2010.

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