Skycorp to acquire 24% of Nanjing Cesun, consolidate shares

China's Skycorp Solar Group will issue 12 million Class B shares to buy a 24% stake in Nanjing Cesun Power and proceed with a planned share consolidation pending board approval.Chinese PV product supplier Skycorp Solar Group plans to acquire a 24% stake in Nanjing Cesun Power for approximately $8.7 million. Under the terms of the agreement, Ningbo-based Skycorp will pay for the acquisition by issuing 12 million Class B ordinary shares to the seller of the stake, Skyline Tech Ltd. The newly issued shares are subject to a five-year lock-up period, which means Skyline Tech holds more than 13 million ...

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