WUXI, China, June 12 /Xinhua-PRNewswire/ -- Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, today announced it has closed the transaction to acquire the remaining one-third equity interest in MSK Corporation ("MSK") for 1,310,328 Suntech shares in a share exchange pursuant to the relevant acquisition agreements. Suntech acquired a two-thirds equity interest in MSK Corporation in August 2006 for $107 million in cash through a combination of subscription to new shares and purchase of existing shares.
With the closing of this transaction, Suntech has acquired the remaining 476,576 shares of MSK from MSK shareholders through the issuance of 1,310,328 Suntech shares as consideration. Under the relevant acquisition agreements, Suntech is obligated to file a registration statement on Form F-3 to register these shares within five business days of the closing. MSK has become a wholly owned, indirect subsidiary of Suntech. Dr. Tadao Kasahara will continue as President of MSK.
"Since we acquired MSK in August 2006, we have quickly moved to capture the nascent demand for building integrated photovoltaic (BIPV) systems with the deployment of sales and distribution networks in new geographies," stated Dr. Zhengrong Shi, Suntech’s Chairman and CEO. "With the growing support for integrated solar solutions in many regions, including enhanced subsidies for BIPV systems in France, Germany and Italy, we are gaining significant traction and building a strong pipeline of projects for our MSK Solar Design Line(TM) of BIPV products. For example, we recently signed an agreement to supply a 4.5MW roof integrated solar system to a farm in Alsace, France. We are also leveraging our product development and flexible manufacturing capabilities to develop new BIPV products to help meet the rapidly evolving needs of solar users."
About Suntech
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of BIPV products under the MSK Solar Design Line(TM). Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com .
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements, and include Suntech’s beliefs and expectations about the benefits of the acquisition of MSK. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Suntech’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Suntech does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For more information, please contact:
In China:
Rory Macpherson
Investor Relations
Tel: +86-510-8531-8922
Email: rory@suntech-power.com
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc. (Investor Relations Counsel, Suntech)
Tel: +1-212-481-2050
Email: suntech@tpg-ir.com
