$644m bid in the offing for Chinese power plants

Circuit maker and holding company, Same Time, is endeavouring to buy stakes in three Chinese power plants, in a deal worth $644m.

Same Time Holdings Ltd. (451) is looking at buying stakes from GCL-Poly Energy Holdings Ltd. (3800) Chairman Zhu Gongshan and his family and has agreed to a non-binding memorandum of understanding on April 2 to buy the assets for cash and stock, the company said in a statement filed with the Hong Kong exchange.
GCL-Poly, the biggest maker of wafers for solar cells, said it has an option and right of first refusal on the transaction and it’s not certain yet whether the company will exercise those rights. Same Time said the deal may constitute a reverse takeover and change in control.

The stakes include the Taicang Harbour Power Plant, the Lanxi Power Plant and the Guohua Taicang Power Plant, according to the GCL-Poly statement.

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