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Shanghai Chenghai Enterprise Development Co Ltd Announces Changes in Issuing New Shares and Acquiring Stake in Shanghai-based Company


Friday, 23 Aug 2013 12:00pm EDT 

Shanghai Chenghai Enterprise Development Co Ltd announced that it has made some adjustment to the plan to issue new shares to acquire stake in a Shanghai-based company. As the adjusted plan, the Company will issue approximately 217,270,741 A shares with par value of RMB 1.00 and issue price of RMB 8.12 (approximately RMB 1,764.191 million in total), to Mr. Yan Jinggang and 70 other shareholders, in exchange for a 92.95% stake in a Shanghai-based company engaged in the development, production and sale of precast concrete piles. The Company will also issue up to 80,446,466 A shares to up to 10 investors at the price of no less than RMB 7.31 per share (up to RMB 588.0637 million), for capital injection in the Shanghai-based company and business operation. 

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