Panda Green Energy Raises USD85.5 Million in Private Placement of Shares

Published: Apr 19 2017
Deal Summary

Panda Green Energy Group Limited (formerly United Photovoltaics Group Limited), a developer and operator of photovoltaics solar power plants, has completed private placement of 700,000,000 shares at a price of HKD0.95 (USD0.12) per share, for gross proceeds of HKD665 million (USD85.54 million). The company received net proceeds, after the deduction of the related expenses, of approximately HKD664.5 million (USD85.48 million). The placement was subscribed to by China Huarong Macau (HK) Investment Holdings Limited.

The offer share represents (i) a discount of approximately 20.83% to the closing price of HKD1.2 (USD0.15) per share as quoted on the stock exchange being the date of the subscription agreement and (ii) a discount of approximately 9% to the average closing price of HKD1.044 (USD0.13) per share as quoted on the stock exchange for the last five consecutive trading days prior to the date of the subscription agreement.

The company intends to use the proceeds for general working capital purposes, including funding business development.

Deal History:

Announced: On April 19, 2017, United Photovoltaics announced a private placement of 700,000,000 shares at a price of HKD0.95 (USD0.12) per share, for gross proceeds of HKD665 million (USD85.54 million).

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