Shantui Construction Machinery Plans to Refinance CNY400mn
SHANGHAI, Dec 18, 2012 (Menafn - SinoCast Daily Business Beat via COMTEX) --Shantui Construction Machinery Co., Ltd. announces that it plans to issue not more than 106 million shares in a non-public offering at CNY 3.92 each, which is not lower than 90 percent of average stock price in 20 trading days before holding of board meeting.
Controlling shareholder, Shandong Heavy Industry Group, will make a full subscription in cash.
Shandong Heavy Industry Group will largely increase holdings in the company after the share offering. The group owned 21.1 percent equities in the company by September 30 and its holdings will jump to 27.83 percent after the subscription.
Shantui Construction Machinery says in a statement that CNY 200 million of financing will be used to repay bank loans and the remaining less than CNY 200 million will be used to replenish working capital.
Source: www.cs.com.cn (December 18, 2012)
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