Neway Petroleum Equipment Co., Ltd. announced that it expects to receive $6.2 million in funding from Neway Valve Co., Ltd.
April 14, 2021
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Neway Petroleum Equipment (Suzhou) Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 6,200,000 on April 15, 2021. The transaction will involve participation from existing investor, Neway Valve (Suzhou) Co., Ltd. Post-closing of the transaction, stake of Neway Valve (Suzhou) Co., Ltd. will increase from 89.67% to 93.17% in the company. Post-closing of the transaction, the capital of the company will increase from $12,100,000 to $18,300,000. The transaction has been approved by the board of directors of the investor at its 18th meeting of its 4th directorate, does not need its shareholders? approval.
Neway Valve (Suzhou) Co., Ltd. is a China-based company, principally engaged in the design, manufacture and distribution of industrial valves. The Company's main products include sluice valves, ball valves, isolating valves, check valves, butterfly valves, control valves, safety valves, nuclear power valves, as well as wellhead equipment and others. Its products are applied in petroleum, natural gas, refining, chemical, ships, electric power, long-distance transport pipes and other industries. The Company distributes its products in both domestic and overseas markets.
NEWAY VALVE (SUZHOU) CO., LTD. 
