The second tranche, amounting to some RMB687 million, or the remaining 30%, will be paid to Sunpower International within 20 business days once all the corporate guarantees granted by M&S subsidiaries in respect of relevant loan facilities in favour of the GI subsidiaries have been discharged, or the relevant loan facilities replaced or repaid. The company says it intends to declare a special dividend of about RMB1.34 billion to its shareholders. On a fully diluted basis, the proposed special dividend amounts to about RMB1.16 (or 23.59 cents) per share. The balance of the net proceeds of about RMB2.02 billion will be used for undertaking the existing green investment projects and general working capital purposes, and repaying the existing payables under the M&S business. Sunpower’s M&S business involves the manufacturing and provision of high-end customised environmental protection products and solutions. These include heat exchangers and pressure vessels, heat pipes and heat pipe exchangers, pipeline energy saving products and related environmental protection products, and solutions for flare and flare gas recovery systems, zero liquid discharge systems for high-salinity wastewater, petrochemical engineering and thermal power engineering. The group’s M&S business and its other business division, the GI business, which involves the supply of industrial steam to a range of diverse industries, are distinct and independent business divisions with its own sets of customers and suppliers. Nanjing Sunpower Holdings is a special purpose vehicle incorporated in China on Sept 8, 2020, with a registered capital of RMB250 million. It was incorporated to undertake the proposed acquisition of the M&S business.