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Sailun Co Ltd to Issue A Shares in Private Placement

Wednesday, 1 May 2013 08:00pm EDT 

Sailun Co Ltd announced that it will issue up to 85 million A shares of common stock with par value of RMB 1 per share at no less than RMB 8.57 per share in private placement, to raise up to RMB 728.45 million. Approximately RMB 210 million raised will be used to acquire a 51% stake in a Shandong-based industrial company from a tire group, to increase the Company's holdings to 100%. RMB 599.8 million will be invested in a tire manufacturing project in Vietnam, and up to RMB 220 million will be used as supplement of working capital.