Suntech Power Holdings has announced that on November 14, 2013, liquidators passed a sole shareholder's resolution placing Power Solar System (PSS), an immediate subsidiary of the company, into liquidation pursuant to the Insolvency Act of the British Virgin Islands (BVI), the jurisdiction of its incorporation. Liquidators have since been appointed over PSS.
Suntech noted that on November 11, 2013, the liquidators had issued an announcement indicating they were aware of the Hong Kong Stock Exchange announcement made by Shunfeng Photovoltaic International on November 1, 2013 in relation to its proposed purchase of the entire equity interest of Wuxi Suntech by its subsidiary Jiangsu Shunfeng Photovoltaic Technology. PSS wholly owns Wuxi Suntech, and any transfer or disposal of Wuxi Suntech's shares requires the prior written agreement and consent of PSS, Suntech said.
The liquidators, according to Suntech, have indicated that they are continuing to investigate the proposed purchase of PSS's equity interest in Wuxi Suntech by Jiangsu Shunfeng.
