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Tianjin Zhonghuan to raise RMB 1.1 bln for 2 silicon projects

May 18, 2010 (China Knowledge) - Tianjin Zhonghuan Semiconductor Co Ltd<002129> yesterday announced plans to raise RMB 1.1 billion through private placement to fund investment in two monocrystalline silicon projects.

The Shenzhen-listed firm will issue between 60 million and 90 million shares to ten selected investors, including parent Tianjin Zhonghuan Electronics and Information (Group) Co Ltd, for at least RMB 11.75 apiece.

Tianjin Zhonghuan Semiconductor intends to use RMB 100 million of the proceeds from the issuance to invest in a monocrystalline silicon production and research project owned by wholly-owned subsidiary Tianjin HuanOu Semi-conductor Material Technology Co Ltd.

The other monocrystalline silicon project, which is located in Inner Mongolia and is 80% owned by the same subsidiary, will receive an investment of RMB 800 million.

In 2009, Tianjin Zhonghuan Semiconductor's net loss reached RMB 91.47 million, and its loss per share was RMB 0.19.

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