 |
Louisiana Light • 2 days | 86.60 | -0.08 | -0.09% | ||
|
Bonny Light • 1 day | 88.69 | -0.04 | -0.05% | ||
|
Opec Basket • 2 days | 87.35 | -2.29 | -2.55% | ||
|
Mars US • 168 days | 77.67 | -1.57 | -1.98% | ||
|
Gasoline • 8 hours | 2.710 | -0.003 | -0.13% |
|
Bonny Light • 1 day | 88.69 | -0.04 | -0.05% | ||
|
Girassol • 1 day | 89.20 | -0.10 | -0.11% | ||
|
Opec Basket • 2 days | 87.35 | -2.29 | -2.55% |
|
Peace Sour • 16 hours | 75.30 | -0.05 | -0.07% | ||
|
Light Sour Blend • 16 hours | 78.35 | -0.05 | -0.06% | ||
|
Syncrude Sweet Premium • 16 hours | 85.30 | -0.05 | -0.06% | ||
|
Central Alberta • 16 hours | 75.70 | -0.05 | -0.07% |
|
Eagle Ford • 2 days | 79.21 | +0.04 | +0.05% | ||
|
Oklahoma Sweet • 2 days | 79.25 | +0.00 | +0.00% | ||
|
Kansas Common • 3 days | 73.00 | -2.50 | -3.31% | ||
|
Buena Vista • 3 days | 86.86 | -2.40 | -2.69% |
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Solar Firm Hanergy Going Private After 3-Year Trade Suspension
The parent group of solar power equipment maker Hanergy Thin Film Power Group—whose shares have been suspended from trade in Hong Kong for more than three years—is taking the company private at a valuation of at least US$27 billion with plans to re-list it in mainland China.
Shares in Hanergy Thin Film Power Group were suspended from trading in May 2015, when the stock plunged by 47 percent in less than an hour, wiping out US$19 billion of the company’s valuation before the company asked for trading to be suspended. Questions had been raised before the stock collapse over Hanergy’s finances because almost all of its revenues were coming from sales to the parent Hanergy group in mainland China, the Financial Times reported at the time.
The parent company Hanergy Mobile Energy Holding Group Limited said in a statement on Tuesday that it had decided to offer privatization to all investors who own shares of the listed company Hanergy Thin Film Power Group “in order to protect the interest of middle and small shareholders.”
The parent company is offering a price of no less than US$0.6378 (HK$5) per share via cash purchase or stock replacement.
After the privatization, the company plans to re-list the solar power equipment maker on the A-shares market of mainland China.
Related: Oil Prices Tank Amid Global Stock Market Rout
According to Reuters calculations, at the US$0.6378 (HK$5) price, Hanergy Thin Film would be valued at US$26.9 billion (HK$210.73 billion). This is higher than the market value of US$21 billion (HK$164.8 billion) as of May 20, 2015, when Hanergy Thin Film Power Group stopped trading at US$0.4987 (HK$3.91) a share.
The parent group said today that it had sent the privatization suggestion to the listed—but suspended—company on October 12. At a board meeting on October 18, Hanergy Thin Film board members unanimously accepted the privatization suggestion and asked for a detailed privatization plan. The listed company will apply for approval of the deal with the relevant Hong Kong agencies according to the laws and regulations, the parent group said.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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