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Gree Electric Appliances to raise RMB 3.2 bln

Jan. 12, 2012 (China Knowledge) - Gree Electric Appliances Inc of Zhuhai<000651>, China's largest maker of home air-conditioners, plans to raise RMB 3.2 billion via a public offering commencing tomorrow to fund five projects.

In a statement filed with the Shenzhen Stock Exchange, the company will issue up to 189.97 million new shares at a price of RMB 17.16 apiece. Zhejiang Sanhua Co Ltd<002050> has expressed interests for the share subscription.

RMB 600 million of the proceeds will be used to fund a technology upgrading project for commercial air-conditioners in the issuer's headquarters in Zhuhai, Guangdong Province.

The other four of the five projects comprise a RMB 560.67 million-commercial air conditioner plant in Wuhan, a house air-conditioner project worth RMB 762.95 million in Zhengzhou, a component facility that will cost RMB 1.18 billion and a research and development project.

The above five projects are expected to cost a total of RMB 3.66 billion.

The Chinese professional air-conditioner maker currently owns eight production bases in China with an annual output capacity of 50 million house air-conditioners and 5.5 million commercial air-conditioners, and the firm's global capacity sums to around 100 million units, sources reported.

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