Almaden Acquires 100% of Fengyang a Glass Manufacturer

PVTIME – On 8 November 2023, Changzhou Almaden Co., Ltd.(002623.SZ), a company principally engaged in the production and sale of photovoltaic glass and coating materials, announced its intention to acquire 100% of the equity of Fengyang Silicon Valley Intelligence Co., Ltd.(Fengyang), owned by Shanghai Lingda and Yancheng Daling, by issuing shares and paying cash.

This transaction is expected to be a significant asset reorganisation. Almaden plans to issue shares to a maximum of 35 qualifying special purpose entities to raise funds. However, the amount is uncertain as the audit and valuation work related to this reorganisation has not been completed.

Upon completion of the acquisition, the supply of PV glass is expected to be secured as Fengyang’s main business is the production, research and development and sale of raw glass flakes. Prior to this transaction, Almaden was mainly engaged in the deep processing of photovoltaic glass, not in the production of photovoltaic glass, which is mainly purchased. And its main business will not be materially changed.

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