Zhejiang Sanhua to Raise RMB 1 Billion for Core Business

Resource from: CBCC Likes:2917

Apr 09,2010

Zhejiang Sanhua Co Ltd [002050], which is principally engaged in the manufacture and sale of valves and bearings, today announced that it will issue up to 50 million shares for RMB 21.39 apiece or around RMB 1 billion in total to increase its investment in the production of refrigerant control devices. Parent Zhejiang Sanhua Group will subscribe for between 5% and 20% of the to-be-issued shares. The Shenzhen-listed firm intends to invest RMB 511.81 million of the proceeds from the issuance in an automatic control component project, RMB 126.98 million in a purification plant project and RMB 51.51 million in a research and development project. Last year, Zhejiang Sanhua reaped RMB 238 million in net profit, 7.84% less than in the previous year, and a dividend of RMB 0.25 per share was declared.

(CBCC)

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