Fujian Nanping Paper Co.,Ltd. announced that it has received CNY 312.7 million in funding.
May 13, 2015
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Fujian Nanping Paper Co.,Ltd. (SHSE:600163) announced a private placement of not more than 119,420,731 common shares at CNY 3.28 per share for gross proceeds of not more than CNY 391,700,000 on November 28, 2014. The company received approval for the transaction at the 8th session of 6th directorate meeting. The transaction is further subject to approval from the shareholders of the company. Guotai Junan Securities Co., Ltd. acted as an independent financial adviser and Beijing Jingtian & Gongcheng Law Firm acted as a legal advisor to the company.
On December 11, 2014, the company has received approval from Fujian State-owned Assets Supervision and Administration Commission for the transaction. The transaction is subject to approval from the China Securities Regulatory Commission.
On December 23, 2014, the company announced that the transaction has been approved at its 3rd special Shareholders' Meeting of 2014.
On March 13, 2015, the company amended the terms of the transaction. The company will now issue no more than 95,335,365 shares for gross proceeds of CNY 312,699,997 in the transaction. The transaction was approved at the 7th session of 6th directorate meeting.
On April 17, 2015, the company announced that the transaction has been approved by China Securities Regulatory Commission.
On May 14, 2015, Fujian Nanping Paper Co.,Ltd. closed the transaction. The round included participation from returning investor Fujian Investment and Development Group Co., Ltd. The company paid CNY 6,000,000 as underwriting fee and CNY 2,337,516.61 as other issuance expenses. The company received net proceeds of CNY 304,362,480.59. All securities issued have a lock up period of 36 months. Fujian Huaxing Certified Public Accountants Co., Ltd. and BDO China Shu Lun Pan CPAs Co., Ltd. acted as accountants to the company.
ZHONGMIN ENERGY CO., LTD., formerly Nanzhi Co., Ltd. Fujian, is engaged in paper making industry. The Company is principally involved in the production and sale of offset printing paper, offset newsprint, industrial paper, copy paper, thermal paper, wood pulp, bamboo dissolving pulp, bleached wood dissolving pulp, oil and turpentine, among others. The Company distributes its products within domestic market and to overseas markets.