Aeolus Tyre Co., Ltd. announced that it expects to receive CNY 625.965914 million in funding from China National Tire & Rubber Co.,Ltd.
June 28, 2020
Share
Aeolus Tyre Co., Ltd. (SHSE:600469) announced that it has entered into a subscription agreement with existing investor China National Tire & Rubber Co.,Ltd. for private placement of not more than 168,723,966 A shares at a price of CNY 3.71 for gross proceeds of up to CNY 625,965,913.86 on June 29, 2020. All the shares issued will be subject to a hold period of 36 months. The transaction has been approved in the 28th meeting of the 7th directorate of the company. The transaction is subject to the state-owned assets supervision and approval procedures. The transaction is subject to approval by the company's shareholders' in its 1st special shareholders' meeting of 2020 to be held on July 16, 2020 and the China Securities Regulatory Commission. The shareholder's approval will be valid for 12 months from approval.
On July 7, 2020, the company announced the transaction has been approved by the China National Chemical Corporation Limited.
AEOLUS TYRE CO., LTD. is a China-based company, principally engaged in the manufacture and distribution of tires and tire-related raw materials. The Company provides tires applied in trucks and passenger cars and engineering machinery under Fengshen, Henan, Shuangxi and Huanghai brands. The Company's products include cross-ply tires, radial tires and passenger tires. The Company distributes its products within domestic markets and to overseas markets.
AEOLUS TYRE CO., LTD. 
