Shanghai Industrial Holdings Company Acquisition Of Photovoltaic Power Stations
The board of directors of Shanghai Industrial Holdings Limited (the “Company”) is pleased to announce that SIIC Aerospace Galaxy Energy ,a company owned as to 85% by (Shanghai Galaxy Investment Co., Ltd.*) (a 50:50 joint venture company held indirectly by the Company and (SIIC Shanghai (Holdings) Co., Ltd.*) (“SIIC Shanghai”), has recently successfully acquired the entire issued share capital of three photovoltaic power companies by public bidding on the Shanghai United Assets and Equity Exchange. Shanghai Industrial Investment (Holdings) Company Limited, the controlling shareholder of the Company, as the authorised representative exercises its state-owned shareholder’s right over SIIC Shanghai. The three companies,(Ningdong Taike Photovoltaic Power Co.,Ltd.*),(Xinzhou Hengneng Photovoltaic Power Co., Ltd.*) and (Hohhot Shenzhou Photovoltaic Power Co., Ltd.*) are located in Ningxia Hui Autonomous Region, Shanxi Province and Inner Mongolia Autonomous Region respectively in the People’s Republic of China (“PRC”) and have an installed capacity of 50MW, 50MW and 90MW respectively. Following the completion of the acquisitions, the photovoltaic power projects owned by Galaxy Energy in the PRC have reached a scale of 510MW in total.