Xibei Bearing Form New Joint Venture

Resource from: cbcc-yinx Likes:2981

Aug 24,2006

Xibei Bearing Form New Joint Venture August 22, Xibei Bearing Stock Co.,Ltd, CSC Bearing Co.,Ltd and Peng aikun, a natural person, signed the agreement to forme a joint venture, Xibei Bearing Petroleum Machine Bearing Co.,Ltd. Xibei Bearing said that at present bearings for petroleum machines are in short supply in domestic market, their productive capacity can not match the current demand and the scarcity will continue for a long period. As a result, Xibei Bearing decided to form a new company to expand their productive capacity and meet the domestic and overseas demand for petroleum machine bearings. Registered capcital of the new company are RMB21 million, including Xibei Bearing's investment about RMB14.7 million, accounting for 70 percent of the total; CSC invested RMB5.25 million; Peng aikun RMB1.05 million. CSC Bearing Co.,Ltd

(cbcc-yinx)

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