Apollo Solar Falls to 1-Year Low on Revised Share Disposal Plan
Apollo Solar Energy Technology Holdings Ltd. (566), which makes equipment to produce thin-film solar modules, fell to a one-year low in Hong Kong trading after a shareholder canceled the floor price for a potential sale.
The stock dropped 20 percent, the biggest intra-day decline since Oct. 9, 2009, to HK$0.191, and closed at HK$0.193. That compares with the benchmark Hang Seng Index’s 3.1 percent fall.
China Gogreen Assets Investment Ltd. (397)’s board said under a revised proposal that the new minimum price won’t be less than 90 percent of the average closing price of the Apollo shares for five consecutive trading days immediately prior to the day the sale takes place, according to its filing to the Hong Kong stock exchange yesterday.
The company originally set an effective purchase cost of each Apollo share at HK$0.50 in May. It held about 7.45 percent of the issued share capital of Apollo at the end of last month.
China Gogreen amended the disposal plan to take into account “the current market sentiment and the prevailing market price of the Apollo shares.” The proposal revision will be presented to shareholders for consideration.
The disposal price will be paid in cash, China Gogreen said. Apollo is based in Hong Kong.
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