Date set for Panda Green state bail-out vote to settle a US$350 million bond
- Dec 10, 2019 10:59 pm GMT
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Date set for Panda Green state bail-out vote. December 10, 2019, Max Hall
The Hong Kong-listed, Chinese state-owned solar developer is in a race against time to settle a US$350 million bond which is due to mature on January 25. The bail-out, which will be put to the vote on December 30, will leave the company a further US$125 million shy.
The board of debt-saddled, state-owned solar developer Panda Green may have had an unexpected surprise after informing the Hong Kong Stock Exchange today they would be unable to publish the paperwork related to a shareholder vote in time for the original deadline.
The company announced the exchange had given it only two more days beyond today’s deadline for confirming when a vote would be held on its latest proposed state bail-out – and the meeting details duly emerged within hours.
On December 30, shareholders will be asked to approve a HK$1.79 billion (US$229 million) injection from Beijing Energy Investment Holding Co Ltd which will entitle the new stakeholder to a 32% slice of the restructured company.
More public money
Panda Green – which is already 62.73% owned by public entities China Merchants New Energy Group Ltd, Huaqing Solar Power Ltd and China Huarong Overseas Investment Holdings Co Ltd – was at the end of September sitting on short-term bank borrowings of RMB2.87 billion as part of a total short-term debt pile of RMB8.95 billion. Long-term borrowings of RMB20.83 billion at that point included bank borrowings RMB6.65 billion, indicating just why the RMB8-10 billion of improved credit lines Beijing Energy Investment is expected to bring would be so welcome.
If we all want free electrical energy, we must pay for it. Did I state that right??
Maybe it is like “Climate change by mankind”, battery powered car, 100% renewable??
I for one can tell a hoax when I see one, could anyone else recognize a fraud??…