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Baotou Steel Rare-Earth to invest RMB 200 mln in MRI

Mar. 4, 2010 (China Knowledge) - Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co Ltd<600111> on Mar. 2 received approval from its board of directors to inject RMB 200 million into a magnetic resonance imaging project.

According to a statement released by the Shanghai-listed firm, it will team up with XinAoMDT Technology Co Ltd to set up a joint venture with a registered capital of RMB 500 million. The latter firm will hold a 60% stake in the JV with an investment of RMB 300 million.

XinAoMDT Technology, which was founded by XinAo Group (China) and U.S.-based Multi-Dimension Technology LLC with an overall investment of RMB 435 million, will invest RMB 21.32 million in the JV to replenish capital.

In the first three quarters of last year, the listed enterprise reaped RMB 1.57 billion in operating revenue, 36.94% less than in the corresponding period of the previous year. But it suffered a net loss of RMB 13.65 million, and its losses per share were RMB 0.017, sources reported.

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