Singyes shareholders still in the dark over China state bail-out

The solar developer was due to update investors today on the progress of a $198 million takeover by the state-owned Water Development (HK) Holding Co Ltd but has put back the announcement until October 16 – the day it is due in court to face a winding-up petition.

Embattled solar project developer and building-integrated PV manufacturer Singyes Solar has been forced to postpone today’s planned announcement in relation to a HK$1.55 billion (US$198 million) Chinese state bail-out.

The Chinese company had earlier stated it would make an announcement by today on a planned takeover by the Beijing-backed Water Development (HK) Holding Co Ltd but this morning advised that update would be postponed until October 16 – the day it is due to appear at the Hong Kong High Court to face a winding-up petition.

A month ago, Singyes issued a financial update listing details of the agenda that was considered at yesterday’s AGM. In that announcement, Water Development was listed as the holder of 202.26% of the company’s shares, hinting the planned acquisition of a 66.92% holding in an enlarged Singyes had already gone through.

Another hold-up

Investors waiting for confirmation today were disappointed as Singyes told the Hong Kong Stock Exchange the takeover announcement had been held up by the need to include figures from the company’s overdue first-half update, which is expected to land on Thursday.

That delay, said Singyes, means the takeover announcement will now be made on October 16. The company is due in court that day to contest a winding-up petition filed by Deutsche Bank Hong Kong over a disputed US$6.27 million debt.

Singyes is attempting to persuade the holders of almost US$430 million of defaulted senior notes and convertible bonds to delay settlement so it can turn its fortunes around. The state bail-out is the other central plank of that strategy.

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