TCL Zhonghuan (002129.SZ) Subsidiary Plans to Sell 100% Equity in SPMY

Stock News01-23

TCL Zhonghuan Renewable Energy Technology Co.,Ltd. (002129.SZ) announced that its controlled subsidiary Maxeon's wholly-owned unit, SUNPOWER TECHNOLOGY LTD. (SPT), has entered into a Share Sale and Purchase Agreement with MFS TECHNOLOGY (S) PTE LTD. (MFSS). Under the agreement, SPT will sell 100% of the equity in its Malaysian wholly-owned subsidiary, SunPower Malaysia Manufacturing Sdn. Bhd. (SPMY), to MFSS. The total consideration for this transaction does not exceed $51 million. Upon completion, the target company will no longer be consolidated within the company's financial statements. The transaction is intended to optimize Maxeon's capital structure, revitalize underutilized assets, and enhance its asset liquidity.

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(002129.SZ) announced that its controlled subsidiary Maxeon's wholly-owned unit, SUNPOWER TECHNOLOGY LTD. (SPT), has entered into a Share Sale and Purchase Agreement with MFS TECHNOLOGY (S) PTE LTD. (MFSS). Under the agreement, SPT will sell 100% of the equity in its Malaysian wholly-owned subsidiary, SunPower Malaysia Manufacturing Sdn. Bhd. (SPMY), to MFSS. The total consideration for this transaction does not exceed $51 million. Upon completion, the target company will no longer be consolidated within the company's financial statements. 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