Fujian Longxi Bearing Plans RMB 926m Pivate Placement

Resource from: CBCC Likes:3027

May 25,2012

Fujian Longxi Bearing (Group), a maker of automobile parts, gears and bearings, said it plans to issue no more than 119 million shares at not less than 7.69 yuan per share to up to 10 designated investors, in order to raise a maximum of 926 million yuan. According to the filing, controlling shareholder Jiulongjiang Construction gave a commitment to subscribe to not less than 60 million yuan worth of shares. Of the total funds raised, 310 million yuan will be used to upgrade the technology of high-end spherical plain bearings. After the facility is put into operation, it is expected to produce 220,000 units per year, contributing annual net profit of 77.3 million yuan on revenue of 478 million yuan. The company will invest 220 million yuan to upgrade the technology of axle sleeves. After the facility is put into operation, it is expected to produce 2.4 million units of axle sleeves per year, contributing annual net profit of 43.65 million yuan on revenue of 336 million yuan. Longxi Bearing plans to invest 198 million yuan to develop maintenance-free cross axis. This project is expected to record annual net profit of 47.6 million yuan on revenue of 312 million yuan after it is put into operation. The company will invest 172 million yuan to develop hydraulic automatic transmissions for heavy engineering vehicles. After the facility is put into operation, it is expected to contribute net profit of 33.1 million yuan on revenue of 295 million yuan. According to Longxi Bearing, the investments will further optimize its production structure and enhance its core competencies. At the end of the first quarter, Longxi Bearing's short-term debts hit 554 million yuan.

(CBCC)

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