Suzhou DEMAC Electric Co., Ltd. announced that it expects to receive CNY 70 million in funding from Shandong Weida Machinery Co., Ltd.
April 20, 2019
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Suzhou DEMAC Electric Co., Ltd. announced that it will receive CNY 70 million in a round of funding on April 20, 2019. The transaction will include participation from returning investor Shandong Weida Machinery Co., Ltd. (SZSE:002026). The entire investment will go into registered capital. Post the closing of the transaction, the registered capital of the company will increase from CNY 100 million to CNY 170 million. The transaction has been approved by the shareholder's in the 2nd meeting of the 4th directorate and does not require any approval from the shareholder's meeting of the investor.
SHANDONG WEIDA MACHINERY CO., LTD. is a China-based manufacturer of industrial machines. The Company manufactures and distributes drill chucks and related fittings. The Company also provides automobile parts, hardware, instrumentation valves and other casting products. The Companyâs drill chucks include new type high performance drill chucks, finger tight drill chucks, locking tight drill chucks, spanner drill chucks, self tight drill chucks, as well as spanners and related components, among others. The Company distributes its products within domestic market and to overseas markets.