Jul 8 2010
JA Solar Holdings Co., Ltd, a solar products manufacturing company has announced its indenture with Ningjin Jinglong PV Investment Co., Ltd. to buy cent percent share holdings of Shanghai Jinglong Solar Technology Co., Ltd, currently managed by Mr.Baofang Jin, Chairman of JA Solar.
At present Shanghai Jinglong Solar Technology has leased out its land and edifice situated in the Minhang Export Processing Zone, inside the Fengxian district limits of Shanghai to JA Solar for operating its module production. This acquisition will allow JA Solar to get hold of approximately 206590 sq.m of land area and 58,706 sq.m of constructed amenities.
As per the terms of the contract JA Solar will have to pay RMB 198.96 million (US $29.3 million), a value arrived at, by an independent third party evaluation to take over the management of Shanghai Jinglong Solar Technology Co., Ltd. This acquirement will place JA Solar in a beneficial position to further widen its manufacturing process and sustain the growing demands of its clients proficiently.
The stipulations of this purchase agreement are officially endorsed by the board of directors of JA Solar and an autonomous audit committee in conformance with its laid down procurement policies. Board of directors of both the companies have appraised the particulars of the contract and offered their endorsement.