June 7, 2018 / 12:46 AM / 19 days ago

GCL-Poly to sell 51 percent stake in unit to Shanghai Electric

HONG KONG (Reuters) - GCL-Poly Energy Holdings Ltd (3800.HK) said it would sell a 51 percent stake in a photovoltaic developing unit to industrial equipment maker Shanghai Electric Group Co Ltd (601727.SS) at a price yet to be determined.

GCL-Poly said late on Wednesday its 100 percent equity interest in the unit, Jiangsu Zhongneng Polysilicon Technology Development Co Ltd, was expected to be valued at up to 25 billion yuan ($3.9 billion).

Shanghai Electric would settle the deal 50 percent in cash and 50 percent by the issue of A shares, the company added.

Trading in shares of GCL-Poly, which was suspended on Wednesday, will resume on Thursday.

Reporting by Donny Kwok; Editing by Stephen Coates

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