Chinese join plant manufacturer Singulus
First acquisition of shares
The German Singulus Group is now partly in Chinese hands as it was planned. The building materials group Chinese National Building Materials (CNBM) acquired 13.11 percent of the shares in a first acquisition. The special plant manufacturer confirmed the acquisition on Friday.
About further four percent of the shares should be acquired after the occurrence of defined conditions precedent. Supervisory Board and the Executive Board of Singulus AG assess the investment as positive. The company thereby expects additional growth in existing and new markets.
Singulus sees participation as positive
Stefan Rinck, CEO of Singulus, commented: “CNBM now has started to build four CIGS thin-film solar module production sites in China, each with an initial 300 MW production capacity. CNBM plans to invest a total of up to 6 GW of production capacity for thin film (CIGS) solar modules in the medium term.”
In recent weeks and months there have been repeated discussions about Chinese investors’ entry into German companies. Many fear that the German technology will be sold off. As a countermeasure, the government therefore wants to better protect the industry from takeovers. In the future the right of veto will therefore already apply beginning with 15 percent of the company’s shares. CNBM announced already in January that they will join the solar expert.