United PV acquired the solar cell manufacturer, Fortune Arena, in 2010. It will continue to hold a 30% stake in the company, which is based in Quanzhou, in eastern China’s Fujian province.
However, Fortune Arena will no longer be a wholly owned group subsidiary upon completion of the share disposal.
United PV decided to sell the stake in Fortune Arena because in recent years the solar cell unit has struggled under the weight of excess inventory and the impact of US and European anti-dumping duties on China-made PV kit.
Hong
