Leading polysilicon and wafer manufacturer GCL-Poly is to become a majority shareholder in consumer electronics firm Same Time.
Same Time, a printed circuit board specialist, is looking to use the share sale to GCL to refocus its business on solar, including plants and project development.
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According to a Hong Kong Stock Exchange filing, GCL will pay HK$1.44 billion (US$186 million) for 360 million Same Time shares at HK$4 apiece. This represents 67.99% of Same Time’s shares.
The directors of Same Time, based in Hong Kong, will resign from their posts once the deal is complete, and GCL-Poly will appoint a new board, according to the filing.
GCL-Poly revealed to the Hong Kong Stock Exchange in October that it was planning an investment of HK$1.8 billion in Same Time.
According to Bloomberg, the deal will give GCL-Poly an additional financing channel.
GCL-Poly’s shares jumped 4.6% on the back of the deal being announced.