Xibei Bearing plans to invest 400 million yuan in an high-end bearing project

Resource from: CBCC Likes:77

Mar 03,2014

Xibei Bearing Co., Ltd. announced the plan for a directional add-issuance on February 28, 2014. The company plans a non-public offering of 125 million shares of stock at 4.81 yuan/share to the controlling shareholders, and all shares have now been subscribed by BaoTa Petrochemical Group with 600 million yuan (all cash). After deducting the cost of issue, the company will use 400 million yuan for a high-end bearing project, and the remaining less than 200 million yuan will be used as supplement of working capital.

(CBCC)

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