General technology issues shares for full-steel tires
On March 13, Jiangsu General Technology Co.,Ltd announced to fund capitals by private placement for its 1,200,000 units/year of high-performance full-steel radial tire line.
It will issue no more than 145 million shares to no more than 10 investors.
The company hoped to fund 1.325 billion yuan for the full-steel tire program. If they fund less than 1.325 billion yuan, it will fund shortage capital via self capital.
Reference showed that the full-steel tire project needed 1.434 billion yuan of total investment.
After private placement, Hongdou Group, Jiangsu Technology's biggest shareholder, will take 63.28% of share in the later, decreasing from previous 73.19%.
The new private placement is still needed to be agreed on shareholders' meeting and approved by CSRC (China Securities Regulatory Commission).
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