Vietnam Digest: JA Solar gets loan from Chinese bank; Nawaplastic ups stake in BMP

Vivint Solar technicians install solar panels on the roof of a house in Mission Viejo, California October 25, 2013. REUTERS/Mario Anzuoni

JA Solar Vietnam has signed a $68-million credit loan with China’s Minsheng Bank while Thailand’s Nawaplastic continues to lift its ownership in Vietnam’s plastic producer.

JA Solar Vietnam signs $68m credit loan

JA Solar Vietnam Company Limited, a subsidiary of one of the world’s largest manufacturers of high-performance solar power products JA Solar Holdings, has signed a $68.4 million long-term buyer credit loan agreement with China’s Minsheng Bank.

According to an announcement, the fund will be used for the procurement of equipment at JA Solar Vietnam’s 1.5 GW of wafer manufacturing facility.

Under the terms of the loan agreement, China’s Minsheng Bank agreed to provide JA Solar Vietnam with a loan facility of up to $68,396,100 with a seven-year term.

Vietnam, which mainly relies on coal and hydroelectric power generation, is now stepping up focus on renewable energy development.

Thailand’s Nawaplastic lifts ownership in BMP to over 54%

The Nawaplastic Industries (Saraburi), a subsidiary of Thailand’s Siam Cement Group (SCG) has lifted its stake in Vietnamese plastic producer Binh Minh Plastic JSC (BMP) to 54.29 per cent from 52.96 per cent currently.

According to a disclosure by Ho Chi Minh City Stock Exchange (HoSE), the Thai plastic producer purchased an additional 1.17 million shares, equivalent to 1.43 per cent of the charter capital of BMP.

Through this transaction, which was done on July 5, Thailand’s Nawaplastic lifted its ownership at BMP to 54.39 per cent.

The Nawaplastic in June had also purchased an additional 1.7 million shares in BMP, lifting its ownership to 52.96 per cent from 51 per cent.

Established in 1977, Binh Minh Plastics has cemented its position as the country’s leading manufacturer and trader of plastic pipes and fittings.

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