Hanwha Chemical is to purchase a 50% stake in Solarfun for a total of 434.1 billion won (US$371 million) in order to diversify revenue sources. The company will purchase 208.3 million shares, including new stock, reports Bloomberg.
Hanwha shares advanced 3.7% to close at 21,250 won in Seoul trading, the highest since November 6, 2007. The benchmark Kospi Index gained 0.5%.
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Solarfun’s first-quarter 2010 revenue more than doubled in comparison to 2009 to US$216.2 million. The company said it plans to increase module capacity to 900MW by August 2010 to meet demand in the second half of the year.