Cross-strait merger

Tan Wenhua, an executive director of Solargiga Energy Holdings, the mainland's No2 supplier of mono-crystalline silicon wafers, says production capacity will be doubled after the firm acquires 99.37 per cent of Taiwan-based solar cell maker Kinmac Solar Corp. Solargiga will pay HK$298.4 million in cash. Kinmac shareholders will use the proceeds to buy 101.6 million new shares or 5.64 per cent of Solargiga at HK$2.92 each. Solargiga fell 2.92 per cent to close at HK$2.99 yesterday.