Securities Daily 5 July 2013
Song Liao Automotive Co., Ltd announces that the company plans to raise RMB2.27 billion (around $370 million) to take over 100 percent equities in Aksu Shuqimeng Photovoltaic Power Co. and building a 100MW PV power project. The main business for Songliao Automobile will change greatly after the acquisition.
RMB455 million (around $74 million) will be used for the acquisition, RMB1.14 billion (around $186 million) will be used to build the new 100MW power plant and RMB680 million (around $111 million) will be used as supplementary funds.
Till 31 Dec. 2012, the total assets of Aksu Shuqimeng was RMB270 million (around $44 million).