International CSRC Investment Holdings Co., Ltd. Announces the Significant Investment Plan
December 17, 2021 at 04:50 am EST
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International CSRC Investment Holdings Co., Ltd. announced that the company will have capital injection to CSRC (BVI) Ltd. amounting to USD 60,000,000 and CSRC (BVI) Ltd. will increase investment in CSRC (Singapore) Pte. Ltd. at the same amount. Then CSRC (Singapore) Pte. Ltd. will increase capital to CCET at the same amount as well. Or the companys overseas subsidiary, Synpac (North Carolina) Inc., will lend funds to CSRC (BVI) Ltd. amounting to USD 60,000,000. CSRC (BVI) Ltd. will increase investment in CSRC (Singapore) Pte. Ltd. at the same amount. Then CSRC (Singapore) Pte. Ltd. will increase capital to CCET at the same amount as well. Projected monetary amount of the investment is USD 60,000,000 equivalent to NTD 1,671,000,000 using exchange rate 27.85 for translation. The funds come from the Company or the companys overseas subsidiary, Synpac (North Carolina) Inc. It will depend on the investment plan decided by the companys chairman or the designated deputy. Specific purpose is that the investment plan was resulting from the increase in plant construction cost in India due to the soaring global material cost and manpower deployment impacted by COVID-19. According to the evaluation of India plant construction status and consideration of working capital needs, investment amount will increase by USD 60,000,000.
International CSRC Investment Holdings Co., Ltd., formerly CHINA SYNTHETIC RUBBER CORPORATION, is principally engaged in the manufacture and distribution of carbon black. The Company's carbon black is mainly applied in the manufacture of rubber products, such as tires, conveyor belts and other products. The Company is also engaged in the manufacture and trading of pharmaceuticals, the provision of biotechnological services, as well as the production and assembling of battery cells and battery packs. The Company distributes its products within domestic market and to overseas markets.