Jiangsu Sanfame Polyester Material Co.,Ltd. announced that it expects to receive CNY 4.5 billion in funding from Sanfangxiang Group Co., Ltd.
October 27, 2021
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Jiangsu Sanfame Polyester Material Co.,Ltd. announced a private placement transaction of not more than 1,168,901,902 Class A common shares to be issued for gross proceeds of not more than CNY 4,500,000,000 on October 28, 2021. The transaction will include participation from not more than 35 designated investors including returning investor Sanfangxiang Group Co., Ltd. for not more than CNY 800,000,000. The pricing reference date will be the first day of issuance. Issue price for the shares to be issued in the private placement shall not be lower than 80% of the average stock price 20 trading days before the pricing reference date. The transaction has been approved in the eleventh meeting of the company's tenth board of directors and ninth meeting of the tenth board of supervisors. The transaction is subject to approval from the company?s shareholders and from China Securities Regulatory Commission. The securities issued to Sanfangxiang Group Co., Ltd. shall not be transferred within eighteen months from the end of the share issuance and by the issuance targets of this non-public issuance shall not be transferred within six months.
Jiangsu Sanfame Polyester Material Co Ltd, formerly Jiangsu Sanfame Co Ltd, is a China-based company mainly engaged in the production and sales of bottle-grade polyester chips and purified terephthalic acid (PTA). The Company is also engaged in textile business, chemical business and thermal power business. The textile business is mainly engaged in the production and sales of various cotton yarns, printed and dyed fabrics, polyester-cotton fabrics, yarn-dyed fabrics, etc., as well as fabric dyeing and finishing, printing and cotton spinning processing. The chemical business is mainly engaged in the research and development, production and sales of polybutylene terephthalate (PBT) engineering plastics. Its products are used in various household appliances, electronic products and automotive plastic parts. The main products of the thermoelectric business are electricity and steam. The Company conducts its businesses within the China market and to overseas markets.