China Singyes Solar Sells $150 Million of Bonds as Focus Shifts

Jul 17, 2014 1:02 am ET

July 17 (Bloomberg) -- China Singyes Solar Technologies Holdings Ltd. plans to sell 930 million yuan ($150 million) of convertible bonds, due 2019, as it focuses on its solar energy business.

The 5% dollar-settled bonds will represent about 9.4 percent of the company’s enlarged share capital upon full conversion at a price of HK$16.11 a share, Singyes said today in a statement to the Hong Kong stock exchange.

The proceeds will be used to repay obligations and fund general corporate expenses, it said. The company said it’s shifting its focus from building curtain walls - the outer skin of buildings - to solar power products.

Singyes raised about HK$314 million ($41 million) in a share placement in November.