General Announcement::Connected Transaction In Relation To Dispoal of 17% Equity Interest in Fengxian Huize

Issuer & Securities

Issuer/ Manager
PANDA GREEN ENERGY GROUP LIMITED
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
05-Jul-2019 20:47:03
Status
New
Announcement Sub Title
Connected Transaction In Relation To Dispoal of 17% Equity Interest in Fengxian Huize
Announcement Reference
SG190705OTHRBHM9
Submitted By (Co./ Ind. Name)
LAI Ka Ki
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Board of Issuer is pleased to announce that on 5 July 2019, Zhangjiagang City China Merchants Port Equity Investment Partnership Enterprise (LP) (the Purchaser ) and United Photovoltaics (Changzhou) Investment Group Co., Ltd(the Vendor ), a wholly-owned subsidiary of the Issuer, entered into an equity transfer agreement( the Equity Transfer Agreement ), pursuant to which the Vendor agreed to sell, and the Purchaser agreed to acquire the 17% equity interest in the Fengxian Huize Photovoltaic Energy Limited (the Target Company ) which is currently owned by the Vendor as to 27.44%, for a total consideration of RMB43,350,000, subject to the terms and conditions of the Equity Transfer Agreement. As at the date of this announcement, the Issuer owns 33% of the equity interest of the Target Company in aggregate, which is directly held by (i) the Vendor as to 27.44%; and by (ii) United Photovoltaics (Shenzhen) Co., Ltd. ( UP(Shenzhen)), a wholly-owned subsidiary of the Company, as to 5.56%. Upon completion of the disposal of 17 equity interest in Target Company, the total equity interest owned by the Issuer in the Target Company will be reduced from 33% to 16%, which will comprise (i) 10.44% equity interest directly owned by the Vendor; and (ii) 5.56% equity interest directly owned by UP (Shenzhen).

More details can be found in the attached announcement.

Attachments

686 annc re. 17 equity disposal_20190705_E.pdf
Total size =99K