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Sinomach Automobile Co Ltd to Issue A Shares for Equity Acquisition and Fund Raising


Sunday, 30 Jun 2013 08:00pm EDT 

Sinomach Automobile Co Ltd announced that it will issue approximately 55,839,700 A shares of common stock with par value of RMB 1.00 per share at RMB 13.80 per share to China National Machinery Industry Corporation (CNMIC), to acquire a 100% stake in a Beijing-based company engaged in the import and export business, sales of automobile parts, electrical equipment, textile products and chemical industrial materials, as well as car rental. The Company will issue 20,681,400 A shares to 10 investors at not less than RMB 12.42 per share, to rise up to RMB 257 million for supplement of working capital. After the issuance, CNMIC's holdings in the Company will increase from 62.13% to 65.56%.