23 Jun '14, 12pm

CMNE raises stake in United PV as business grows: China Merchants New Energy Group (CMNE) has increased its st...

As of the end of 2013, United PV was owner and operator of 531MW of PV projects. China Merchants New Energy Group (CMNE) has increased its stake in downstream PV projects firm, United Photovoltaics Group (United PV) to 19.18% of its issued share capital. CMNE converted bonds in United PV totalling 282,483,750 shares at HK$1.0 per share, a premium of approximately 36.99% over the 90-day average price, according to the company. CMNE said that the favourable government policies in China towards PV installations and growth would lead to further investments and shareholding in United PV in the future. Zhenwei LU, executive director of CMNE, said: “The increase in shareholding through the conversion of convertible bonds fully demonstrates our optimism toward the investment value, business prospects and performance of the Company. Backed by the promotion of energy reform in China...

Full article: http://www.pv-tech.org/news/cmne_raises_stake_in_united_p...

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