Zhejiang Renzhi Co., Ltd. announced that it expects to receive CNY 253.34802 million in funding from Pingda New Material Co., Ltd.
December 19, 2021
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Zhejiang Renzhi Co., Ltd. announced a private placement of not more than 123,584,400 A shares at an issue price of CNY 2.05 per share and at a par value of CNY 1 per share for gross proceeds of not more than CNY 253,348,020 on December 20, 2021. The company entered into purchase agreement with retuning investor Pingda New Material Co., Ltd. The transaction was approved by the board of directors of the company in its 21st meeting of the sixth board of directors and is subjected to approval of the company's shareholders meeting and China Securities Regulatory Commission. The securities issued are subjected to 36 months hold period.
Zhejiang Renzhi Co., Ltd., formerly Sichuan Renzhi Oilfield Technology Services Co., Ltd., is a China-based company principally engaged in the provision of oilfield technical services. The Company mainly provides drilling fluid technical services, including drilling fluid deployment, circulation operation and recycling services; oil and gas field environmental protection technical services, including oil and gas field wastewater treatment, waste mud treatment and drilling sewage treatment technology services; underground operation technical services, including underground technical services, production increasing technical services, downhole tools and well completion technical services. The Company is also engaged in the development, production and sales of oilfield chemicals and functional new materials. The Company mainly operates its businesses in the Mainland of China.