CHIAN - Jinyuan Cement to raise CNY1.36bn in private share placement

Byjirong

Updated Mon, 18 Jul 2016 17:59:58 GMT

Jinyuan Cement plans to raise up to CNY1.36bn (US$204m) in private placement of shares to fund a company acquisition, projects and repay bank loans. 

In June Jinyuan Cement bought a 51% stake in a Jiangsu-based new materials technology firm from the Jinyuan Holding Group for CNY2.55m. 

Earlier this year Reuters said the company had scrapped a major asset restructuring plan. 

Jinyuan Cement reported revenues of CNY95.42m in 1Q16, up from CNY92.36m in 1Q15. The company’s net loss also improved from CNY-35.19m to CNY-19.86m during the same period and its net margin advance from -38.11% to -20.82%.