SolarWorld confirms Qatar stake

Frank Asbeck will see his stake reduced to 19.5%

Frank Asbeck will see his stake reduced to 19.5%

Troubled German PV manufacturer SolarWorld confirmed that Qatar Solar intends to buy 29% of new shares after a debt restructuring that will leave existing shareholders with a stake of just 5% in the company.

SolarWorld chairman Frank Asbeck as part of the restructuring will see his own stake in the company reduced to 19.5% of the new share capital. He currently owns 27.84% of SolarWorld shares.

Sales proceeds from the transaction will amount to €46m ($61.6m), the company said in an Ad-hoc message to the stock market. Some €35m of that amount corresponds to the intended Qatar Solar stake, while Asbeck will contribute approximately €10m out of his personal capital, a SolarWorld official said, adding that the two sums don’t add up exactly to €46m due to rounding effects.

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