Orkla ASA increases stake in solar technology company Renewable Energy Corporation ASA
Nordic Business Report-February 5, 2007-Orkla ASA increases stake in solar technology company Renewable Energy Corporation ASA
(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian multi-sector group Orkla ASA said on Monday (5 February) that it has increased its holding in solar cell silicon, wafers and modules maker Renewable Energy Corporation ASA (REC) to 39.99%.
Orkla purchased the 61,684,035 shares from Good Energies Investment for NOK105 per share.
Good Energies Investment has also sold 88,456,767 (17.9%) shares of REC to German solar cells manufacturer Q-Cells AG, which has an option to sell its holding to Orkla.
Orkla said that it does not plan to increase its holding in REC over 39.99%.
Orkla, headquartered in Oslo, Norway, operates in the branded consumer goods, speciality materials and financial investment sectors, and reported revenues of NOK55bn in 2005. Orkla is listed on the Oslo Stock Exchange and traded under the ticker ORK.
One British pound (GBP) is worth approximately 12.17 Norwegian kroner (NOK).
((Comments on this story may be sent to email@example.com))