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Solargiga raises stake in Jinmao PV

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Harmeet
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HONG KONG, SINGAPORE & TAIWAN: China's vertically integrated solar power play focusing on monocrystalline silicon solar products, Solargiga Energy Holdings Ltd and its subsidiaries announced that upon completion of the capital injection into Jinzhou Jinmao Photovoltaic Technology Co. Ltd, a subsidiary of the company, by way of cash contribution in late December 2013, Solargiga held 86 percent equity interest in Jinmao Photovoltaic from 51 percent previously.

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On 28 April 2014, Solargiga acquired an additional 10 percent from a minority shareholder in Jinmao Photovoltaic for a consideration of RMB14 million. Upon completion of the acquisition, effective equity interest in Jinmao Photovolatic owned by Solargiga will increase to 96 percent.

Results in 2H13 improved significantly mainly driven by the breakthrough achieved by the module business of the Group during the period. Turnover and gross profit margin in 2H13 recorded a significant increase, representing a turnaround.

Sequentially benefiting from the improvement of photovoltaic module production capacity, 1Q14 revenue and external shipment volume recorded significant growth compared with the same period in 2013. Solargiga expects to drive the Group‟s profit growth through the enhanced acquisition of Jinmao Photovoltaic.

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