News Column

Dongbai to Raise CNY647mn for Developing Shopping Centers

May 14, 2014

FUJIAN, May 14, SinoCast -- Fujian Dongbai Group (SHSE: 600693), suspending trade from April 21, intended to issue additional 105.9 million shares at CNY 6.11 a share or CNY 647 million in total to ten investors.

Its controlling shareholder Fujian Fengqi Investment, which holds 100.2 million tradable shares or a 29.20% stake in the listed company, will subscribe for 95.89 million shares to lift its holding to 43.67%. The other nine investors are senior executives of Dongbai.

The raised capital will be used in rebuilding Dongbai Building's building B, developing Xiamen Caitang community development center and Fuzhou Dongbai red star shopping center, and supplement working capital.

Dongbai said this will expand its business scale and increase profitability as well as increase the size of net assets, effectively reduce asset-liability ratio and enhance the ability to resist risks.

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Source: Sinocast Consumer Products Beat (China)

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