China Technology Development Group Corp. (CTDC), a China-based cleanenergy group, has entered into a stock purchase agreement with LinsunRenewable Energy Corp. Ltd. (LSR) and its stockholders, Goldpoly Co.Ltd. and Liao Lin-Hsiang, to acquire 100% equity interest in LSR and its wholly owned subsidiary, Linsun Power Technology (Quanzhou) Corp. Ltd.(LSP).
The consideration is $3.2 million, payable in shares ofCTDC’s common stock at a price of $3.01 per share. Upon completion, LSPwill become a wholly owned subsidiary of CTDC. LSP is a crystallinephotovoltaic module manufacturer with annual production capacity ofapproximately 65 MW at the Jinjiang Economic Development Zone in theFujian province of China.