Shares of Sky Solar Holdings (NASDAQ: SKYS) are down 24% this morning after the company said Glen Wei resigned as an independent director of the company effective June 14, 2017. Following Wei’s resignation, Sky Solar appointed Xuelong Pei as an independent director, effective June 15, 2017. Pei will also serve on the audit committee, compensation committee and nominating and corporate governance committee of the board. Additionally, Sky Solar established an independent committee to investigate the conduct of former chief executive officer Weili Su involving transactions and fund transfers that seem to be missing proper board and audit committee authorization. The independent committee comprises exclusively of independent directors and is authorized to retain outside counsel and advisors to conduct the investigation.
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About Sky Solar Holdings, Ltd.
Sky Solar is a global independent power producer (“IPP”) that develops, owns, and operates solar parks and generates revenue primarily by selling electricity. Since its inception, Sky Solar has focused on the downstream solar market and has developed projects in Asia, South America, Europe, North America and Africa. The Company’s broad geographic reach and established presence across key solar markets are significant differentiators that provide global opportunities and mitigate country-specific risks. Sky Solar aims to establish operations in select geographies with highly attractive solar radiation, regulatory environments, power pricing, land availability, financial access and overall power market trends. As a result of its focus on the downstream photovoltaic segment, Sky Solar is technology agnostic and is able to customize its solar parks based on local environmental and regulatory requirements. As of December 31, 2016, the Company had developed 307 solar parks with an aggregate capacity of 292.3 MW and owned and operated 159.6 MW of solar parks. For more information visit www.skysolargroup.com.
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