Suntech raised US$277 mln through ADS offering
Suntech Power Holdings Co Ltd, the world's biggest photovoltaic module maker, announced on Friday that it has raised US$277 million through its public offering of 23 million American depositary shares (ADS), sources reported.
The offering was set at a price of US$12.5 on May 22.
The proceeds from the share offering will be used to replenish the company's working capital, to fund its daily operations, and to repurchase repurchasing and redeem existing securities.
The company has just started the construction of a 1.5 megawatt rooftop solar system project in Huai'an City, Jiangsu Province. The solar project, the country's first solar project with megawatt capacity, is expected to be completed by October 2009, according to an earlier report from China Knowledge.
Suntech Power Holdings, based in Wuxi, Jiangsu Province, is a solar energy company which designs, develops, manufactures and sells a variety of photovoltaic (PV) cells and modules and offers PV system integration services in China. The company sells its products in such key solar energy markets as Spain, Germany, the U.S., China, South Korea, Italy, the Middle East, Australia and Japan.
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_200068.jpg "HKTDC Hong Kong Electronics Fair (Autumn Edition) 60x60_image")
