Cherish Sunshine International Unit Increases Capital of Proposed JV Company
Cherish Sunshine International's (HKG:1094) unit Chenghui New Energy signed a deal with Jiangyin Daxiang to increase the registered capital of their proposed joint venture company to 280 million yuan from 130 million yuan, according to a Friday filing with the Hong Kong bourse.
Under the latest deal, Chenghui New Energy and Jiangyin Daxiang will contribute 28.5 million yuan and 121.5 million yuan to the increased capital, respectively.
Both parties will be required to pay their committed amounts within five years. After the capital increase, Chenghui New Energy will have a 19% stake, while Jiangyin Daxiang will own an 81% stake in the JV company.
The joint venture plans to set up solar power stations with 50 MW capacity.
Cherish Sunshine International's shares were up 2% recently.
Price (HKD): $0.58, Change: $+0.010, Percent Change: +1.75%
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