Xibei Bearing's non-public offering of shares for high-end bearing R&D approved by SFC

Resource from: CBCC Likes:100

Aug 07,2014

Xibei Bearing Co., Ltd. released an announcement on August 6 that the company's non-public offering of shares had been approved by the Issuance Examination Commission of SFC. According to the previous plan, the company planed a non-public offering of 124 million shares of stock at 4.81 yuan/share to the controlling shareholders, to raise funds not more than 600 million yuan. 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. Xibei Bearing Co., Ltd. is the largest bearing manufacturer in Northwest China, the first listed company in the bearing industry, and one of the top 100 enterprises in domestic machinery industry.

(CBCC)

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