Sunpower Group divests non-core business for 2.3b yuan in management buyout

Singapore

SUNPOWER Group is divesting its manufacturing and services (M&S) business for 2.3 billion yuan (S$463.3 million), after which 1.3 billion yuan of the net proceeds will be used for a proposed special dividend amounting to 1.1627 yuan per share on a fully-diluted basis.

The group announced on Thursday that it has agreed to fully sell its indirect wholly owned subsidiary Sunpower Technology (Jiangsu) Co in a management buyout.