Tasnee, a major Saudi Arabian petro-chemical company, is to make its second investment in DSC thin-film firm, Dyesol.
The Saudi-based firm previously invested A$4 million (US$2.3 million) in Dyesol, yet the latest planned investment of A$16 million would make the firm a major shareholder, exceeding 20% ownership and needing shareholder approval.
Dyesol had previously noted in financial filings that Tasnee had an exclusive option which is expected to expire on 14 September 2013 to invest that amount in the company. Tasnee was said to be interested in a range of collaborations in respect to DSC technologies from further R&D through to large-scale production and potential demonstration projects in the Middle East.
The company said that it would need to seek approval from existing shareholders at its annual general meeting which must occur by 30 November 2013 to approve the deal.
Dyesol made a FY2013 net loss of A$9.4 million on sales of A$957,000. The company had net cash reserves of A$5.2 million at the end of its financial year of August 2013.