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In order to promote the business development of Hebei Jinniu Chemical Co.
, Ltd.
and further enhance the company's core competitiveness, Jinniu Chemical announced today (July 12) that the company plans to raise capital of no more than 889 million yuan to increase capital and hold Hebei Jizhong New Materials Co.
, Ltd.
("Jizhong New Materials") has no less than 51% equity, and the capital increase is used to invest in the "200,000 tons of glass fiber tank kiln drawing production line project"
.
According to Jinniu Chemical’s fixed increase plan, the company intends to privately issue shares to no more than 35 specific investors.
The number of shares to be issued shall not exceed 130 million shares (including the number), which shall not exceed 30% of the company’s total share capital before the issuance.
889 million yuan
.
The issue price shall not be lower than 80% of the average trading price of the company’s stock in the 20 trading days before the pricing base date (excluding the pricing base date)
As a fundraising project for this issuance, Jinniu Chemical, Jizhong Energy (000937) and Jizhong New Materials signed a conditional capital increase agreement for this capital increase on July 9th, agreeing that Jinniu Chemical intends to raise funds through this issuance (And self-owned or self-raised funds) Increase the capital of Jizhong New Materials, obtain not less than 51% of its equity after the capital increase, and realize the holding of Jizhong New Materials
.
The final capital increase of this capital increase will be determined by the agreement signed by the parties to the transaction after the price of this capital increase is determined
It should be noted that Jizhong Energy is the controlling shareholder of Jinniu Chemical and Jizhong New Materials, the target company of this capital increase.
This issuance and this capital increase constitute connected transactions
.
According to data, Jizhong Energy established a wholly-owned subsidiary Jizhong New Materials in June 2019 to be responsible for project construction
.
According to the project plan, the project has two 100,000-ton fiberglass tank kiln production lines, with a total investment of 2.
For the purpose of this transaction, Jinniu Chemical said, "On the basis of the company's original methanol main business, it will enter the glass fiber industry and cultivate profit growth points for listed companies
.
" After the company completes the capital increase and holding of Jizhong New Materials, the company’s business structure will be optimized, and the scope of business will be added to the production and sales of glass fiber.
