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Anhui Wanwei Updated High-Tech Material Industry to issue shares for stake acquisition and fund raising


Monday, 18 Aug 2014 08:00pm EDT 

Anhui Wanwei Updated High-Tech Material Industry Co Ltd:To issue 125,781,412 shares at 2.15 yuan per share and pay cash of 120,000,000 yuan, to Anhui Wanwei Group in exchange for 100 pct stake in a Anhui-based membrane material company and a land usage right.The transaction price is 390,430,036.12 yuan.To issue no more than 67,010,309 shares at no less than 1.94 yuan per share through private placement, to raise up to 130 million yuan.Says proceeds will be used for the stake acquisition and business integration. 

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