PVTIME – On August 3, GCL System Integration Technology Co., Ltd. (GCLSI)(002506.SZ) released an announcement on the progress of major asset restructuring.
GCL System Integration Technology PTE. LTD.(GCLSI PTE), a wholly-owned subsidiary of GCLSI, intends to transfer 15% equity of its indirectly subsidiary ONE STOP WAREHOUSE PTY LTD (OSW), a solar panel supplier in Australia, to VNTR XXI Holdings Limited (VNTR) at a price of 27 million Australian dollars as announced on June 22, 2022. Meanwhile, VNTR plans to increase the capital of OSW by 24 million Australian dollars, and the company and other shareholders of OSW agree to waive the pre-emptive right to subscribe the capital. After the completion of this transaction, OSW will no longer be included in GCLSI’s consolidated statements according to the preliminary judgment of the company.
At present, GCLSI PTE and OSW have signed Share Sale Deed, Share Subscription Agreement and Deed of Amendment with VNTR. The relevant matters of this transaction are being actively promoted, and the due diligence work of relevant intermediaries is being carried out in an orderly manner.