ELECTRIC FRIENDS:Aleees primarily produces lithium ferrous phosphate used in batteries for electric cars, with the firm lately moving into producing the batteries
Date: Apr 19, 2016
By: Staff writer with CNA
Shares of Adcaned Lithium Electrochemistry (KY) Co (Aleees, 立凱) rose to the daily limit of 10 percent yesterday after securing NT$2 billion (US$61.7 million) investment from FDG Electric Vehicles Ltd (五龍電動車), in which Hong Kong tycoon Li Ka-shing (李嘉誠) owns a major stake.
FDG, listed on the Hong Kong stock market, is to hold a 21.8 percent share of Aleees and become the biggest shareholder of the company after subscribing to 46 million new common shares of Aleees via a private placement, Aleees spokesman Huang An-pang (黃安邦) said in a telephone interview.
Aleees shares are priced at NT$35 each.
In addition, FDG is to spend an additional NT$420 million to buy Aleees’ “green” energy assets.
In turn, Aleees is to buy a 4.2 percent stake in FDG for HK$490 million (US$63.18 million) to set up a strategic partnership with the Hong Kong company. [FULL STORY]