Tianhe Environmental Engineering Co., Ltd. announced that it expects to receive CNY 80 million in funding from Hebei Sitong New Metal Material Co., Ltd.
January 16, 2017
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Tianhe (Baoding) Environmental Engineering Co., Ltd. announced that it has signed a capital increase agreement with Hebei Sitong New Metal Material Co., Ltd. (SZSE:300428) for the private placement of common shares for gross proceeds of CNY 80,000,000 on January 16, 2017. Post the closing, the registered capital of the company will increase from CNY 60,000,000 to CNY 65,854,500 and the excess amount will be injected into the capital reserve of the company. Post the closing, the investor will hold 8.89% stake in the company. The transaction has been approved at the 26th session of the 2nd directorate of the investor and does not require the approval from its stockholders. The company reported total assets of CNY 666,981,800, total liabilities of CNY 395,429,100, net assets of CNY 271,552,700, revenue of CNY 384,780,500, operating profit of CNY 50,928,800, and net profit of CNY 48,560,100 for the year ended December 31, 2016.
Lizhong Sitong Light Alloys Group Co Ltd, formerly Hebei Sitong New Metal Material Co Ltd, is a China-based company mainly engaged in the provision of new light alloy materials and lightweight automotive parts. The Company mainly operates three reporting segments, Functional Master Alloy New Material segment, Aluminum Alloy Wheel Lightweight segment, Cast Aluminum Alloy and other Business segment. The Company mainly provides three major businesses: functional master alloy new materials, cast aluminum alloy materials and aluminum alloy wheel products. The Company's products are widely used in automotive, high-speed rail, aerospace, military, power and electrical appliances, 5G communications, consumer electronics, industrial and architectural aluminum profiles, food and medicine packaging and other fields.
Tianhe Environmental Engineering Co., Ltd. announced that it expects to receive CNY 80 million in funding from Hebei Sitong New Metal Material Co., Ltd.