Zhejiang Renzhi Co., Ltd. announced that it expects to receive CNY 213.801012 million in funding from Pingda New Material Co., Ltd
November 13, 2020
Share
Zhejiang Renzhi Co., Ltd. (SZSE:002629) announced a private placement of not more than 123,584,400 A shares at a price of CNY 1.73 per share for the gross proceeds of CNY 213,801,012 on November 13, 2020. The price is not less than 80% of the average stock trading price of the 20 trading days before the pricing base date. The transaction include participation from existing investor Pingda New Material Co., Ltd. and will hold 38.27% stakes of the company from 19.76% stake in the company. The securities issued in the transaction shall not be transferred within 36 months from the date of issuance. The transaction has been approved at at the ninth meeting of the company's sixth directorate, and subject to approval from the company’s general meeting of shareholders and the China Securities Regulatory Commission.
Zhejiang Renzhi Co., Ltd., formerly Sichuan Renzhi Oilfield Technology Services Co., Ltd., is a China-based company principally engaged in the provision of oilfield technical services. The Company mainly provides drilling fluid technical services, including drilling fluid deployment, circulation operation and recycling services; oil and gas field environmental protection technical services, including oil and gas field wastewater treatment, waste mud treatment and drilling sewage treatment technology services; underground operation technical services, including underground technical services, production increasing technical services, downhole tools and well completion technical services. The Company is also engaged in the development, production and sales of oilfield chemicals and functional new materials. The Company mainly operates its businesses in the Mainland of China.