A venture capital arm under China Development Financial Holding Co’s (中華開發金控) banking subsidiary plans to subscribe for up to 2.74 million preferred shares of Solartech Energy Corp (昇陽科技) via a private placement, a parent company executive said yesterday.
The shares would be subscribed at NT$36.5 per share for a total of up to NT$100.01 million (US$3.1 million), Simon Dzeng (曾垂紀), executive vice president of China Development Financial, said by telephone.
“We see a lot of potential in the company, which outperforms its peers in supply, channels and gross margins,” he said.
CDIB Knowledged-based Economy Capital Co (中華開發知識經濟創投) expects to earn an interest rate of 3 percent per year with a less than 1.65 percent stake in the solar battery maker, the company said in an exchange filing yesterday.
After reaching maturity in three years, each of Solartech Energy’s preferred shares will be converted into one of its common shares, the filing said, adding that the NT$100 million investment will account for 6.59 percent of the venture capital firm’s total assets.
Dzeng said the 3 percent interest rate was “reasonable,” adding the amount of preferred shares the venture capital arm would acquire would depend on the amount of oversubscription Solartech Energy would accept in its private placement.
Local media reports said that Solartech Energy had completed its release of 28 million new shares, or a combined 17 percent stake in the company, via a private placement on Wednesday, raising NT$10.22 billion.
Cher Wang (王雪紅), chairwoman of Via Technologies Inc (威盛電子) and HTC Corp (宏達電), was the biggest buyer, acquiring NT$429.93 million worth of shares, reports said.
Solartech Energy president Chang Chin-lung (張錦龍) invested NT$9.125 million while fashion designer Tsai Mong-hsia (蔡孟夏), wife of Solartech Energy’s chairman, bought NT$33.58 million in shares, reports said.
Shares of Solartech Energy dropped by NT$0.6, or 1 percent, yesterday to close at NT$58.4.
In a separate exchange filing yesterday, Solartech Energy said it reported NT$165.7 million in net income for last year, or NT$1.25 per share.
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