Bearing Science & Technology plans a fund-raising for production of high-speed rail bearings

Resource from: CBCC Likes:200

Dec 11,2014

Bearing Science & Technology Co., Ltd announced on evening of December 9, 2014 that the company had a non-public offering plan to raise 105 million yuan fund from its controlling shareholder China National Machinery Industry Corporation (SINOMACH), and the subscription price should be 90% of the average transaction price during the 20 trading days before the base date. The fund will be all used for the construction of "High-speed Heavy-duty Precision Bearing Industrialization Demonstration Line Construction Project" after deducting the cost of issue. The total investment for the project is 161 million yuan, of which 140 million yuan for new fixed assets, and 21 million yuan for initial working capital. The major products include high-speed rail bearings, urban rail bearings, locomotives and transmission bearings. The project is now under construction in the No.1 Industrial Park of Bearing Science & Technology Co., Ltd located in Luoyang (National) High-tech Development Zone, and is expected to be completed before the end of June 2015. Once put into operation after two years of completion, the project is expected to realize an annual sales income of 223 million yuan, and the total profit of 34.94 million yuan.

(CBCC)

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