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CIC buys stake in Poly Energy

Dec. 28, 2009 (China Knowledge) - China Investment Corp, the country's US$300-billion sovereign wealth fund, acquired a 20% stake in China's leading green energy supplier, GCL-Poly Energy Holdings Ltd<3800>, said GCL-Poly Energy in a statement filed with the Hong Kong Stock Exchange.

GCL-Poly Energy said that CIC spent HK$5.56 billion to buy 3.11 billion shares of the firm at HK$1.79 apiece.

CIC now has the right to appoint two directors to the board of GCL-Poly Energy and is now the second-largest shareholder of the Hong Kong-listed company.

The proceeds from the deal will be used to replenish working capital, repay bank loans, and establish a joint venture with CIC, GCL-Poly Energy said earlier.

GCL-Poly Energy's net profit attributable to shareholders was RMB 71.85 million in the first half of this year, up 250.4% compared with the corresponding period of last year. As of the end of June 2009, the company had RMB 1.51 billion in cash, according to an earlier report from China Knowledge.

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