Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Shanghai Aerospace to Raise $344 Million for Solar Projects

Don't Miss Out —
Follow us on:

Aug. 16 (Bloomberg) -- Shanghai Aerospace Automobile Electromechanical Co., a maker of car air-conditioners and solar-power parts, said its board of directors agreed to raise as much as 2.2 billion yuan ($344 million) from a private placement of shares to help fund solar projects.

The company, whose shares have lost about 20 percent this year, will issue as many as 221 million shares at 9.96 yuan apiece, Shanghai Aerospace said today in a filing to the Shanghai stock exchange. Other details weren’t disclosed.

It will use the proceeds to upgrade technology at its 200-megawatt high-efficiency solar cell plant, build a facility capable of making 500 megawatts of modules annually and develop a 50-megawatt solar power project abroad, it said.

To contact Bloomberg News staff for this story: Feifei Shen in Beijing at Fshen11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.