PVTIME – November 27, Luoyang Glass Company Limited (SH600876)(hereinafter referred as to Luoyang Glass) announced that its wholly-owned subsidiary company East Glass plans to invest for a photovoltaic cell packaging material project. According to the announcement the total investment of the project is about 1.185 billion yuan, and the project is to build a 1200t/d solar substrate production line and five deep processing production lines.
The project’s average annual sales revenue is expected to be 1.211 billion yuan and the average annual after-tax profit will be 147 million yuan.
Meanwhile, Luoyang Glass will transfer 100% of the equity of its three wholly-owned subsidiaries that are less related to the new energy materials business to its indirect controlling shareholder Kaisheng Technology Group (SH600552). The transfer price is 536 million yuan, and the transaction is expected to generate approximately 56.79 million yuan in revenue. After the completion of this transaction, Luoyang Glass will no longer engage in glass business.