News Column

Yangmei Chemical to Issue CNY2bn Additional Shares

September 1, 2014

SHANGHAI, September 1, SinoCast -- Yangmei Chemical (SHSE: 600691) plans to raise not more than CNY 2 billion via issuing at moat about 518.13 million additional shares to Yangmei Jinling, Jinling Hengyi, and Jinling Yangming at CNY 3.86 each to pack back bank debts and replenish working capital so as to enhance capital strength and raise profitability.

Yangmei Jinling is controlled by Yangmei Group, controlling shareholder of Yangmei Chemical, and Jinling Hengyi and Jinling Yangming are persons acting in concerts of the group. Lock-up period is 36 months. Upon completion, the group and its persons acting in concert will control about 1.08 billion Yangmei Chemical shares, or 54.54% of the total capital stock.

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Source: Sinocast Energy Beat (China)

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