On May 21, according to the newspaper, Shunfeng Clean Energy (01165) announced that it will acquire a 59% stake in Jingneng Optoelectronics for a consideration of RMB 2.04 billion. The consideration will be paid by issuing new shares.
The company issued 392 million new shares at a price of 5.2 yuan per share, representing approximately 12.73% of the existing issued share capital and approximately 11.29% of the enlarged share capital. The price per share is 4.42% higher than yesterday's closing price.
The acquisition included the acquisition of 34.07 million shares of Jingneng Optoelectronics from the Vendor and the purchase of 14.28 million shares from Jingneng Optoelectronics employees holding Jingneng Optoelectronics. One of the shareholders of the company, the Asia Pacific Resources, is indirectly wholly-owned by Zheng Jianming, a substantial shareholder of Shunfeng Clean Energy, and is therefore considered a connected transaction.
Jingneng Optoelectronics is principally engaged in the development, production, marketing and sales of LED chips and LED packages for general indoor and outdoor lighting, professional light sources, LCD backlights and related industries.
The company issued 392 million new shares at a price of 5.2 yuan per share, representing approximately 12.73% of the existing issued share capital and approximately 11.29% of the enlarged share capital. The price per share is 4.42% higher than yesterday's closing price.
The acquisition included the acquisition of 34.07 million shares of Jingneng Optoelectronics from the Vendor and the purchase of 14.28 million shares from Jingneng Optoelectronics employees holding Jingneng Optoelectronics. One of the shareholders of the company, the Asia Pacific Resources, is indirectly wholly-owned by Zheng Jianming, a substantial shareholder of Shunfeng Clean Energy, and is therefore considered a connected transaction.
Jingneng Optoelectronics is principally engaged in the development, production, marketing and sales of LED chips and LED packages for general indoor and outdoor lighting, professional light sources, LCD backlights and related industries.
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