Anhui Jiangnan Chemical Industry Co., Ltd. announced that it expects to receive CNY 1.2 billion in funding
January 22, 2017
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Anhui Jiangnan Chemical Industry Co., Ltd. (SZSE:002226) announced a private placement of common shares for gross proceeds of CNY 1,200,000,000 on January 23, 2017. The company will issue A shares to not more than 10 specific investors in the transaction. The issue price for the shares will not be lower than 90% of the average price of the company's shares 20 days prior to the first day of issuance. The transaction has been approved by the company at the 10th session of its 4th directorate meeting. The shares will be subject to a lock up period of 12 months from the date of listing of the shares.
ANHUI JIANGNAN CHEMICAL INDUSTRY CO., LTD. is a China-based company, principally engaged in the research and development, manufacture and distribution of civilian explosives. The Company's main explosive products include colloidal emulsion explosives, powder emulsion explosives, expanded ammonium nitrate explosives, porous ammonium oil explosives, seismic charges, nonel detonators and industrial detonating fuses, among others. The Company also manufactures and sells civilian detonating equipment, as well as is engaged in the civil explosive engineering business. The Company distributes its products within domestic market and to overseas markets.