Sky Solar gets go-private proposal from group of buyers

Sky Solar Holdings Ltd (NASDAQ:SKYS), a Hong Kong-based independent solar power producer, has received a non-binding proposal from a group of buyers interested in acquiring all company shares not already owned by them.

The group includes Japan NK Investment KK, IDG Accel China Capital LP, IDG-Accel China Capital Investors LP, Jolmo Solar Capital Ltd, CES Holding Ltd, Jing Kang, Bin Shi, Sino-Century HX Investments Limited and Kai Ding.

The offer includes the purchase of shares at USD 0.30 (EUR 0.27) apiece in cash and American Depositary Shares (ADS) at USD 6.00 per unit in cash.

The target company said in a statement it had previously formed a committee of three independent directors to evaluate its available strategic options. That committee will now consider the proposed going-private transaction.

Sky Solar develops, owns and operates solar parks, generating revenue through power sales. To date, the company has developed projects in Asia, Europe, South America and North America and as of end-December 2019 owned and operated 115.1 MW of solar plants.

(USD 1.0 = EUR 0.911)

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