May. 24, 2012 (China Knowledge) - Fujian Longxi Bearing (Group) Co Ltd<600592> announced yesterday that it plans to raise RMB 926 million through a private placement.

The company said in a statement filed with the Shanghai Stock Exchange that it plans to issue 119 million shares at a price of at least RMB 7.69 apiece ( price after 2011 earnings distribution).

The firm's controlling shareholder Zhangzhou Jiulongjiang Construction Co will subscribe at least RMB 60 million of new shares.

The company said proceeds from the deal will be used to fund four projects, including technology upgrading and a new product development, with a total investment of RMB 938 million.