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Shenzhen Textile to raise RMB 1.47 bln

Feb. 14, 2012 (China Knowledge) - Shenzhen Textile (Holdings) Co Ltd<000045><200048> has announced plans to raise not more than RMB 1.47 billion via a private placement to fund a TFT-LCD project, according to a statement filed with the Shenzhen Stock Exchange.

The company said it will issue up to 170 million shares to several investors for RMB 8.80 apiece. The issuer's parent Shenzhen Investment Holdings Co Ltd will subscribe between RMB 300 million and RMB 600 million worth of shares in the offering.

Upon the completion of the private placement, Shenzhen Investment will still be the largest shareholders with more than 46% stakes in the issuer.

Proceeds from the issue will be used to develop two TFT-LCD production lines with an estimated net profit of RMB 103 million and RMB 102 million per year, respectively.

Shenzhen Textile also expects its net profit attributable to shareholders for 2011 might have reached RMB 51.59 million, up 26.7% from a year earlier. Operating revenue increased 4.8% from a year earlier to RMB 668.35 million.

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