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In addition, Hanwha Petroleum purchased 120,407,700 ordinary shares and 1,281,011 ADS of Linyang New Energy from Good Energy and Yonghua Solar Investment Co., Ltd., which are all ordinary shares and ADS of Linyang New Energy held by the above two companies. After the purchase was completed, Good Energy, Yonghua Solar and Hanwha Chemical had a 49.99% stake in Linyang New Energy.
Linyang New Energy says Hanwha Chemical has completed its strategic investment
On October 8, Jiangsu Linyang New Energy Co., Ltd. is a high-tech enterprise in China that integrates research, development, production and sales of solar cells and battery modules. The company announced that Hanwha Petrochemical's strategic investment in Linyang New Energy was announced. According to the terms of the agreement, Hanwha Oil purchased 36,455,089 common shares at a price of 14.51 yuan (US$2.144) per share, equivalent to US$10.72 per ADS. The total revenue of Linyang New Energy is approximately US$78 million. The company plans to use this part of the funds for expansion plans and general corporate purposes. Hanwha Petrochemical is a leading global chemical company with headquarters in Korea.