Henan Energy and Chemical Group Finance Co., Ltd. announced that it expects to receive CNY 750 million in funding from Henan Dayou Energy Co., Ltd
July 29, 2020
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Henan Energy and Chemical Group Finance Co., Ltd. announced that it will receive CNY 750,000,000 in an equity round of funding on July 30, 2020. The transaction will include participation from Henan Dayou Energy Co., Ltd (SHSE:600403). Post completion of the transaction, the capital of the company will increase from CNY 3,000,000,000 to CNY 3,750,000,000. Out of the total capital raised CNY 750,000,000 will go to registered capital and CNY 500,596,400,000 will go to capital reserve. Post completion of the transaction, the investor will hold 20% stake in the company. The transaction has been approved by the board of directors of the investor in the 26th meeting of its 7th directorate and no need to submit to the shareholders' meeting.
Henan Dayou Energy Co., Ltd is a China-based company, principally engaged in the exploitation of raw coal, and the wholesale, operation, dressing by washing and processing of coal. The Company's long flame coal, coking coal, meager coal and washed coal are applied in power generation, gas making, coking and building materials. The Company mainly operates its businesses in domestic markets, with Henan province as its major market.