Northwest Bearing Co. Ltd. Invests RMB 188 million to Construct Rail Transit Bearing

Resource from: CBCC Likes:133

Sep 17,2013

According to the non-public offering plan on the evening of September 16th, Northwest Bearing Co. Ltd. intended to issue 5.41234 million shares to the controlling shareholder Baota Petrochemical Group and the second largest shareholder China Great Wall Asset Management Corporation with non-public offering price of RMB 5.11 per share for raising capital of RMB 277 million. After taking out the issue expenses, the total amount of raised fund will be used to supplement working capital for the company’s main business. The company announced that according to the long development plant, the company plans to invest RMB 1.88 million to construct rail transit bearing project and the fund sources is from the company self-financing and bank borrowings. With 2 years of construction period, the project will be put into operation in the third year. After completion, the project has good economic benefits with newly added production capacity of 210,000 sets of rail transit bearings and newly added sales of RMB 323 million and total benefit of RMB 50.92 million.

(CBCC)

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