Dongguan Government Invests RMB700 Million in Anwell's Subsidiary for the Development of a Solar Panel Plant in Dongguan
Hong Kong, July 25, 2011 - (JCN Newswire) - Anwell Technologies Limited ("Anwell" or the "Group"), announced that its wholly owned subsidiary, Dongguan Anwell Digital Machinery Co Ltd. ("Dongguan Anwell") had secured RMB700 million in capital injection from the Municipal Government of Dongguan (the "Dongguan Government"), for the development of Anwell's second thin film solar panel manufacturing base in Dongguan. With this significant investment, the Dongguan Government will become a 19.5% shareholder in Dongguan Anwell, valuing Dongguan Anwell alone at S$680 million (RMB3.6 billion).
At the end of five years following the capital injection, the Dongguan Government has the option of selling its shares in Dongguan Anwell to Anwell at cost plus interest.
In addition to this round of capital injection, Anwell has recently secured a total of RMB1.2 billion in long term funding for the second thin film solar panel plant in Dongguan and expansion of Anyang thin film solar panel plant from the municipal governments of both cities. Anwell aims to achieve 1.5GW annual production capacity within 5 years.
"The entry of the Dongguan Government as a strategic investor in our subsidiary provides strong assurance to our shareholders, customers and other stakeholders on the long term viability of our solar business. The premium valuation given to Dongguan Anwell Digital Machinery by the Dongguan Government is a strong vote of confidence in our investment potential and future growth, as we significantly ramp up our production capacity to meet global demand for thin film solar panels," said Franky Fan, Executive Chairman & CEO.
Anwell Technologies Ltd. (SES:G5X.SI or ANW:SP) ("Anwell") is a global leader in providing turnkey production solutions for optical media replication business. The Group's activities include manufacturing and sales of optical media production lines and media products. With the various proprietary technologies developed since the Group was founded in year 2000, Anwell has continued to study the opportunities to tap into other industries, including OLED, solar industries and etc. The Group officially announced its entry into the solar business in 2008. The Group began mass production with its own proprietary equipments at its thin film solar production plant in Henan, PRC in March 2010. For more information, please refer to www.anwell.com.
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