SFCE said in a financial statement that the original ‘long stop’ date of the Subscription Agreement fell on 31 March 2019, when the parties had not agreed to an extension, resulting in the disposal no longer constituting a ‘special deal’ with a major shareholder. Image: Wuxi Suntech
Diversified renewables firm Shunfeng International Clean Energy (SFCE) deal with Hong Kong property tycoon, Kin Ming Cheng, a major shareholder in SFCE is in doubt after the date to secure an agreement to purchase most of the manufacturing operations that included Wuxi Suntech has lapsed.
The most recent planned deal, included Kin Ming Cheng’s new business entity to assume HK$1,200 million (US$152.8 million) of the total debt of HK$ 2,500 million (US$318.5 million), which was attributed to SFCE’s manufacturing operations. The deal was to be subject to an EGM being held.
SFCE said in a financial statement that the original ‘long stop’ date of the Subscription Agreement fell on 31 March 2019, when the parties had not agreed to an extension, resulting in the disposal no longer constituting a ‘special deal’ with a major shareholder.
SFCE was selling the majority of its manufacturing operations to reduce debts of RMB12,295.3 million (US$1.83 billion).
Although the special deal with Cheng has lapsed, it is unclear whether a renewed offer, such as through a consortium of investors would not be tabled.
SFCE reported total revenue of RMB 10.29 billion (US$1.53 billion) in 2018, an increase of 2.7% from the previous year and losses of approximately US$254 million.
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