Shandong Mining Machinery Group Co., Ltd announced that it expects to receive CNY 1 billion in funding from Lhasa Economic and Technological Development Zone Lukuang Venture Capital Management Co., Ltd., Tonglu Yanhua Investment Management Partnership (Limited Partnership)
January 23, 2017
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Shandong Mining Machinery Group Co., Ltd (SZSE:002526) announced a private placement of 109,465,000 A shares at CNY 9.16 per share for gross proceeds of CNY 1,002,699,400 on January 23, 2017. The transaction will include participation from Lhasa Economic and Technological Development Zone Lukuang Venture Capital Management Co., Ltd. for 93,089,500 shares and Tonglu Yanhua Investment Management Partnership (Limited Partnership) for 16,375,500 shares. The securities issued are subject to hold period of 36 months from the date of issue. The transaction has been approved by the board of directors of the company at its 18th session of its 3rd directorate. The transaction is subject to board of directors’ approval, shareholders’ approval, and the China Securities Regulatory Commission approval.
SHANDONG MINING MACHINERY GROUP CO., LTD. is a China-based company principally engaged in the manufacture and sales of coal machinery equipment. The Company's products include scraper conveyors, hydraulic supports, belt conveyors, construction material machines, printing equipment and others. The Company is also engaged in coal sales, online games and Internet businesses, and provides coal mining services. The Company conducts its businesses in domestic and overseas markets.
Shandong Mining Machinery Group Co., Ltd announced that it expects to receive CNY 1 billion in funding from Lhasa Economic and Technological Development Zone Lukuang Venture Capital Management Co., Ltd., Tonglu Yanhua Investment Management Partnership (Limited Partnership)