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.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
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.
