Jinxi Axle Company Will Acquire 100% Shares of North Forging Company

Resource from: Sally-CBCC Likes:2920

Sep 12,2007

Jinxi Axle Company Will Acquire 100% Shares of North Forging Company Jinxi Axle Company Limited, a leading train axle manufacturer in China, announced that the company will acquire 100% shares of North Forging Company - a subsidiary of Inner Mongolia North Heavy Industries Group Corp. Ltd at the end of this year. According the report, Jinxi Axle Company Limited would issue 25 million shares to 38 million shares of its common stock through private placement to up to ten institutional investors. Each share would be issued at a par value of RMB 1 per share and at a price of not less than RMB 22.18 per share. Inner Mongolia North Heavy Industries Group Corp. Ltd and Jinxi Machinery Industries Group Co., Ltd (the Company’s controlling shareholder) would both take up no less than 8% of the subscription in this private placement. Following Jinxi Axle Company, the output of axle in North Forging Company ranks the second position in China. The annual capacity is expected to hit 280,000 sets after this win-win merger.

(Sally-CBCC)

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