February 1, 2018 / 6:19 AM / 6 months ago

BRIEF-Shaanxi to pay REC Silicon's outstanding $161 mln capital contribution to Yulin JV

Feb 1 (Reuters) - Rec Silicon Asa:

* ‍REC SILICON PTE. LTD (REC SILICON) AND SHAANXI NON-FERROUS TIAN HONG NEW ENERGY CO. LTD. (SNF) HAVE ENTERED INTO AN AGREEMENT CONCERNING OUTSTANDING CAPITAL CONTRIBUTION FROM REC SILICON TO YULIN JV​

* ‍SNF WILL MAKE REC SILICON’S OUTSTANDING CAPITAL CONTRIBUTION OF $169,020,000 TO YULIN JV AND SHAREHOLDING WILL BE SUBSEQUENTLY ADJUSTED TO SNF HOLDING 84.94% AND REC SILICON HOLDING 15.06%​

* ‍PRESERVES REC SILICON’S OPPORTUNITY TO HOLD A 49% EQUITY INTEREST IN YULIN JV IN FUTURE​

* ‍WILL HAVE OPTION TO EITHER BUY BACK 33.94% EQUITY INTEREST FROM SNF​ Source text for Eikon: Further company coverage: (Reporting By Joachim Dagenborg)

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