Zhonglian Electric 98 Million Super Fund For Nugget Coal Mine Cable
Today, Zhonglian electric announced that it intends to invest 98 million yuan in the initial public offering of over raised funds to invest in the construction of cable manufacturing projects for coal mines, so as to rely on existing main businesses to expand actively in the new field and increase the company's new economic growth point.
In December 18, 2009, Zhonglian electric appliance was officially listed on the Shenzhen stock exchange. The total net proceeds raised by the initial public offering were 605 million yuan. Among them, the IPO fund-raising project 2 million kVA mine flameproof mobile substation and dry type pformer construction project and technical service support center project commitment investment amounted to 245 million 550 thousand yuan, and the remaining 359 million 849 thousand and 400 yuan was over raised fund.
This time, Zhonglian electric temporarily decided to spend 98 million yuan on the construction of cable manufacturing projects for coal mines in the company's new plant area.
According to the construction requirements and actual situation of the project, the project construction period is 0.5 years, and the production period is 2 years.
After completion, it can produce 10KV and below all kinds of mining cables and some supporting power cables to meet the safety mining needs of domestic coal mines, so that the product quality and technology level of this enterprise can be crossed into a higher platform.
The company predicts that the annual sales revenue (excluding tax) will reach 275 million yuan and the total profit will be 25 million 787 thousand yuan after the project is completed.
However, the company admits that although this investment is in line with the company's development strategy, it is conducive to expanding the company's advantages in the mining electric industry and improving the profitability and competitiveness of the company. However, due to the fact that it will take some time to formally put into production, this investment has little impact on the company's performance in the short run.
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