Towngas Smart Energy Announces Equity Interests Disposal in Subsidiaries to Asset-Backed Securities Program

Reuters
03 Jun
Towngas Smart Energy Announces Equity Interests Disposal in Subsidiaries to Asset-Backed Securities Program

Towngas Smart Energy Company Ltd. has announced the disposal of equity interests in its subsidiaries to an Asset-Backed Securities (ABS) Program. This update follows earlier announcements made on 9 September 2024 and 3 December 2024 regarding the ABS Program and the issuance of the first tranche of ABS. The company has agreed to subscribe for equity class ABS under the Second Tranche Program with a principal amount of RMB24 million, representing approximately 5.1% of the total principal of the ABS to be issued. This move aims to enhance the Group's liquidity by securitizing its solar photovoltaics assets. The proceeds from this transaction will be used for investments in rooftop photovoltaic power generation, energy storage power station projects, repayment of bank borrowings, and general working capital purposes.

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