Monday 2011-06-27  14:08 Publisher: CapitalVue
June 27 – Jilin Chemical Fibre (RCode:000420) filed it plans to privately issue a maximum of 200 million shares to 10 designated investors including Jilin Chemical Fibre Group, the controlling shareholder, at 6.23 yuan each share, reports 163.com.

Proceeds are expected to top 1.34 billion yuan and will go to bamboo pulp and bamboo fiber processing.

An unspecified proportion will also be used to supplement operating cash flows.

Investors will be able to subscribe 60 million shares, and the controlling shareholder has pledged to use between 150 million and 250 million yuan to participate in subscription.

Jilin Fibre, which is based in Jilin city, recorded 30.07-percent year-on-year growth in first-quarter sales revenues to 687 million yuan, earning net profits of 18.13 million yuan, up 179.8 percent. The firm realized earnings per share of 0.048 yuan.