Songhe Resources plans to raise 182 million yuan to develop specialty paper business
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On December 2, 2016, Songyi Resources announced that the company plans to issue 26 million shares at a price of 7 yuan per share to raise no more than 182 million.
According to the announcement, the company's raised capital will be fully invested in the environmental protection new material special paper industrialization project.
The company stated that the company's product structure is relatively single, and its production capacity is basically released, and it has encountered certain bottlenecks in its development. Based on the potential of China's paper industry and the market prospects of specialty papers, the company decided to get involved in the specialty paper business after market research, combined with the company's future strategic development planning needs.
According to calculations by the company, the total investment in the "Environmental Protection, New Material, Specialty Paper Industrialization Project" is estimated to be 228 million yuan. After the raised funds are in place, if the actual amount of net funds raised is less than the total amount of funds to be invested in the raised capital investment project, the deficiency will be resolved by the company itself.
Reading the data from the New Third Board Research Center shows that Songsong Resources is a company that manufactures and sells coated whiteboard paper. In the first half of 2016, the company’s operating income was 184 million yuan, a year-on-year increase of 35.58%. The net profit was 27.4037 million yuan, an increase of 138.32% year-on-year.