HRB to attract 700 million yuan investment for capital increase

Resource from: CBCC Likes:233

Aug 10,2015

After three years of preparation, HRB Development Strategy Seminar & Signing Ceremony was held on August 8th, 2015. HRB plans to attract 700 million yuan investment to increase capital and share, the largest investment move among Harbin state-owned industrial enterprises in past 10 years. As the symbol of Heilongjiang Old Industry Base, HRB Group has been the backbone enterprise in China's bearing industry since its establishment in 1950. Harbin Bearing Manufacturing Co., Ltd., a subsidiary of HRB Group, established the "capital equity & equity securitization" as the main direction in 2012. Up to now, Harbin Bearing Manufacturing Co., Ltd has a total assets of 1.567 billion yuan, including 500 million yuan net assets planed as the main body of this capital increase. 700 million yuan funds will be invested. The state-owned shares will account for 55.6% and the equity funds will be 44.4% after the capital increase. It is reported that the funds will be mainly applied for mergers and acquisitions, marketing services, product development, new plant construction, etc.

(CBCC)

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