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Ningbo Huaxiang quasi private placement of 90 million shares to raise 850 million yuan investment in automotive interior

Company news
2011/07/06 11:16
London July 17th news: Ningbo Huaxiang (002048) announcement, to optimize the industrial layout, improve the product range, the company intends to not more than ten specific non-public offering of shares, the number of shares of not more than 90 million shares, not less than 50 million shares, to raise funds not more than 850 million 773 thousand and 800 yuan for the net, including 5 projects to supplement working capital and repay the loan. The non-public offering price of not less than the non-public offering announcement board resolution 20 trading days before the company's stock price 90%. This issue will not lead to a change in the issuer's control.
The company said, the company intends to non-public offering, the funds will be put into 3 projects, namely interior assembly northeast production base project, car dashboard bracket and the front and rear bumper bracket production line, car seat headrest cushion, and complement the company's liquidity and repayment of bank loans.
Announcement shows that the investment of 391 million yuan in the city of Gongzhuling Fanjiatun economic and Technological Development Zone East River Industrial Park construction decoration assembly production base in Northeast china. After the completion of the project, the annual production capacity is 300 thousand sets of automobile dashboard assembly and 400 thousand sets of automobile central channel. After the project reached postpartum, the average annual sales revenue was estimated to be 536 million 800 thousand yuan, and the annual average profit was 75 million 784 thousand yuan.
It is planned to invest 188 million yuan in the construction of car dashboard support and front and rear bumper support production line in Changchun industrial economic development zone. The project is expected to achieve an annual average sales revenue of 3176..50 million yuan, with an average annual profit of 72 million 153 thousand yuan.
The company also plans to build seating seat pillow and cushions on the land by investment of 121 million yuan in the Ningbo Jiangbei industrial investment park. The project reached postpartum, with the production capacity of 150 thousand sets of seating headrest and cushions. The average annual sales revenue is estimated to be 202 million 500 thousand yuan and the total profit is 42 million 59 thousand and 400 yuan. It is understood that the 3 projects in the construction period of 12 months ~18 months, after the 3 projects, the total annual Ningbo Huaxiang can bring 179 million yuan of profits, while the company's 2008 net profit of 144 million yuan, the first quarter of this year was 5 million 946 thousand and 500 yuan.
In addition, with the expansion of Ningbo Huaxiang business scale, the company liquidity demand increase, the company's financial expenses also increased, therefore, the company also intends to 50 million yuan to raise funds to supplement working capital, also plans to use 100 million yuan fund-raising to repay bank loans, reducing the rate of assets and liabilities. The total investment of the above 5 projects is 851 million yuan. If the fund is not enough to complete the project investment, the insufficient part will be solved by the self financing of the company.
The company said that the construction of the above projects will help to increase the production capacity of the company's spare parts and enhance the company's competitive ability in the Northeast market. Through this non-public offering, we can optimize the company's industrial layout, meet the needs of the company's industrial development, and lay a solid foundation for the company to become a professional automotive interior decorations assembly supplier.