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CHINA SOLAR ENERGY HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)
(Stock code: 155)
MAJOR TRANSACTION
RELATING TO FORMATION OF A JOINT VENTURE COMPANY AND
RESUMPTION OF TRADING
On 21 May 2007, CSED (a wholly-owned subsidiary of the Group) entered into the Joint Venture
Agreement with the JV Partner. Pursuant to the Joint Venture Agreement, the Joint Venture Company
will be formed in Jiangxi province in the PRC to engage in production and sale of photovoltaic
devices with objective to establish manufacture base in Jiangxi. The Company also entered into the
Co-operation Agreement with the JV Partner on 21 May 2007 whereby the Company will supply ten
sets of “Vetrogrid” production equipment at a total consideration of US$145,000,000 (equivalent to
approximately HK$1,131,000,000) to the Joint Venture Company after its formation.
The Joint Venture Company will be owned as to 25% by the Group and as to 75% by the JV Partner
upon formation. The ultimate total investment of the Joint Venture Company amounts to RMB1,200
million (equivalent to approximately HK$1,218 million) comprising registered capital of RMB400
million and borrowings of RMB800 million. The share of the registered capital that the Group is
committed to contribute amounts to RMB100 million (equivalent to approximately HK$101.5 million)
based on its equity interests in the Joint Venture Company. The joint venture partners will pay up
the registered capital of the Joint Venture Company by stages consistent with the development of the
concerned project. For the first phase registered capital of the Joint Venture Company of RMB50
million (equivalent to approximately HK$50.75 million), the Group will contribute RMB12.5 million
(equivalent to approximately HK$12.69 million) out of its internal resources within seven business
days after upon the fulfillment of all the conditions precedent of the Joint Venture Agreement.
The Joint Venture Agreement constitutes a major transaction of the Company under the Listing
Rules and is subject to the approval of the Shareholders. No Shareholder is required to abstain from
voting at the SGM. A circular of the Company containing, among other things, further details of the
Joint Venture Agreement and the Co-operation Agreement, financial information about the Group
and a notice convening the SGM will be dispatched to the Shareholders as soon as possible.
Trading in shares and warrants of the Company has been suspended at the request of the Company
from 9:30 a.m. 21 May 2007 pending the release of this announcement. Application has been made
to the Stock Exchange for the resumption of trading in the shares and warrants of the Company with
effect from 9:30 a.m. on 22 May 2007. |
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