Goldwind unveils $59m share offer

Goldwind will use the proceeds of its new share offering to shore up its working capital and support future business development.

Goldwind will use its new share offering to shore up its working capital and support future business development.

Goldwind has revealed plans to raise roughly 363.25m yuan ($59.1m) via an offering of 40,953,000 new Shenzhen-listed shares.

The Chinese wind turbine manufacturer will use the proceeds to shore up its working capital and support future business development.

The new shares represent roughly 1.52% of the company's total issued share capital prior to the announcement, and about 1.50% of the total after the issuance of the new shares, it said in an online statement.

The shares will be offered at 8.87 yuan each. The price represents a discount of roughly 10.94%, compared to the average closing price of 9.96 yuan per share for the five days before trading of its stock was suspended.

Goldwind halted trading of its A-shares and H-shares — as its Shenzhen- and Hong Kong-listed shares are respectively known — on 27 August, pending the announcement of the new share subscription plan.

Following the announcement, Goldwind resumed trading of its shares on both the Shenzhen and Hong Kong stock exchanges.

The suspension sparked intense speculation about the Beijing-based company's intentions, just as fresh reports suggested that it may set up a wind turbine production venture in Russia with local engineering group E4.

A Goldwind spokesperson in Beijing told Recharge after the resumption of trading that while the company sees Russia as an “interesting market,” it still has yet to make any concrete plans in the country.

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