Gree shareholder Jinghai to increase holdings up to $292m

Gree Electric Appliances of Zhuhai (SZSE:000651) announced that shareholder Jinghai Internet Technology Development Co., Ltd. intends to increase its holdings in the company. The planned increase will range from a minimum of RMB 1.05 billion to a maximum of RMB 2.1 billion (approximately $146 million to $292 million USD). Jinghai will use its own funds and dedicated loans from financial institutions, acquiring shares through centralized bidding over the next six months. Jinghai currently holds 7.01% of Gree's total share capital, totaling 392,442,954 shares. Bohaí Bank will provide a special loan of up to 1.47 billion yuan for this project. Jinghai believes in the sustained development and value of the business.