Suntech Reaches Settlement in Connection with GSF Investment
WUXI, China, March 7, 2013
WUXI, China, March 7, 2013 /PRNewswire/ -- Suntech Power Holdings Co., Ltd
(NYSE: STP) ("Suntech"), one of the world's largest producers of solar panels,
today announced that it has settled all outstanding disputes with GSF Capital
Pte Limited ("GSF Capital") and Javier Romero in connection with a guarantee
provided by GSF Capital to Suntech.
As part of the settlement, GSF Capital will dispose of its entire ownership
interest in Global Solar Fund, S.C.A., Sicar (the "Fund") for an agreed
consideration and it will no longer have any ownership interest in the Fund.
Suntech's equity interest in the Fund will increase from 79.3% to 88.15% and
the equity interest owned by Best (Regent) Asia Group Ltd., a company
ultimately held by Dr Zhengrong Shi, will increase from 10.7% to 11.85%. Due
to the change of control of the Fund, Suntech will consolidate the Fund upon
completion of the related equity transfer.
In addition, the court orders obtained by Suntechwill bedischarged. The
settlement does not involve an admission of liability on the part of GSF
Capital or Mr Romero.
David King, Suntech's CEO, said, "We are very pleased to have reached this
settlement. The new ownership structure will ensure that Suntech has full
control of the Global Solar Fund and can manage and operate the Fund's
portfolio of solar plants to maximise the value for our stakeholders."
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces solar products for
residential, commercial, industrial, and utility applications. With regional
headquarters in China, Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80 countries.
Suntech's pioneering R&D creates customer-centric innovations that are
designed to drive solar to grid parity against fossil fuels. Suntech's mission
is to provide everyone with reliable access to nature's cleanest and most
abundant energy source.
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar statements.
Further information regarding these and other risks is included in Suntech's
filings with the U.S. Securities and Exchange Commission, including its annual
report on Form 20-F. Suntech does not undertake any obligation to update any
forward-looking statement as a result of new information, future events or
otherwise, except as required under applicable law.
SOURCE Suntech Power Holdings Co., Ltd.
Contact: Shashin Surti, Weber Shandwick for Suntech, +86 21 2411 0046,
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