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China Aviation Optical-Electrical to raise RMB 1 bln via placement

May. 4, 2012 (China Knowledge) – China Aviation Optical-Electrical Technology Co Ltd<002179>, one of the leading manufacturers of electrical connector products in China, announced today that it will raise up to RMB 1 billion via a private placement.

According to a statement filed with Shenzhen Stock Exchange, the company said it will issue 68.5 million shares with a price of at least RMB 14.63 a share to no more than ten companies, including its controlling shareholder AviChina Industry & Technology Co Ltd<2357>.

Proceeds from the issue will be used to fund three projects including RMB 850 million in building a photoelectric technology industry base, said the company.

In 2011, the electrical connector producer saw its operation revenue reached RMB 1.87 billion, up 22.69% year on year and its net profit for last year grew 24.44% year on year to RMB 198 million, sources reported.

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