PVTIME – On the evening of February 20, Jiangsu Akcome Science & Technology Co., Ltd. (hereby referred to as “Akcome” or “the company”) issued a progress update on the acquisition of Ningbo Jiangbei Yize New Energy Technology Co., Ltd. (hereby referred to as “Ningbo Yize”). The update stated that due to changes in the macro environment, relevant acquisition procedural filings have not been completed by Ningbo Yize, and both parties have agreed to terminate the transaction.
Originally, Akcome’s board of directors approved the “Proposal Regarding the 100% Cash Acquisition of Ningbo Jiangbei Yize New Energy Technology Co., Ltd Not Constituting as Major Asset Restructuring” which it had previously reviewed on October 19.
PVTIME notes, with 1.8GW and 5.3GW in solar cell and module production capacity, Ningbo Yize is one of the larger photovoltaics manufacturers in Vietnam and Southeast Asia as a whole. Furthermore, Ningbo Yize shareholders Wang Zhaofeng, Yang Yongzhi, and Zhao Xuewen had previously assured Akcome that its net profits for 2019, 2020, and 2021 would not be less than 220 million, 241 million, and 251 million yuan respectively.
Akcome representatives has said that the termination of this acquisition will not affect the production and day to day operations for the company.