Suntech enters NewConnect already on 2 October  September 30, 2008

On 29 September 2008 the WSE Management Board adopted a resolution on Suntech S.A. making its NewConnect debut. Listing of the company shares is scheduled for 2 October 2008, marking the 45th debut at NewConnect this year. At the same time, Suntech will become the 69th company listed on that market.

Under its private placement, the company acquired twenty two new shareholders, who will hold a 5.3% stake in its increased capital. Through its share issue, Suntech raised nearly PLN 1 million (PLN 954,000), which it will spend mainly on foreign expansion. The investment expenditure on innovations made by the company in the recent years allowed to develop finished products for the telecom market. In line with the strategy, the next stage will be to conquer foreign telecom markets based on the current product portfolio.

Despite its high investment expenditures, the company reported very rapid growths and a high earning capacity. And so, in 2007 Suntech’s revenues reached the level of PLN 8.4 million, improving by 24.5% versus 2006. Its 2007 after-tax profit amounted to PLN 1.2 million.