Jan. 25, 2010 (China Knowledge) - Beijing BDStar Navigation Co Ltd<002151>, a satellite navigation positioning products manufacturer, plans to issue up to 15 million new shares at RMB 32.21 apiece or RMB 307 million in total to fund the development of four projects, according to a statement filed with the Shenzhen Stock Exchange recently.

The research and development project of SoC chips, which involves an investment of RMB 106 million in total, is expected to be completed in two years, and the project is expected to generate after-tax profit of RMB 69.13 million.

The Shenzhen-listed company posted RMB 51.04 million in net profits for 2009, an amount 11.32% more than in 2008, and its operating revenue surged 28.89% year on year, reaching RMB 295 million. Earnings per share were RMB 0.56 and net asset value per share was RMB 3.53.

Due to the global financial crisis, the firm faces more competitive pressure in the global positioning system or GPS market. The operating revenue from the firm's global navigation satellite system or GNSS products also decreased last year, the enterprise said in the annual report.