Zhongtian Technology Plans Capital Increase in Subsidiary
JIANGSU, Apr 06, 2012 (SinoCast Daily Business Beat via COMTEX) --
Jiangsu Zhongtian Technology Co., Ltd (SHSE: 600522) on April 5 announced to increase CNY 182.84 million investments in its subsidiary Zhongtian Technologies Fiber Optics Co., Ltd to enlarge the capacity of optical fibers.
With CNY 229.48 million registered capital, Zhongtian Technologies Fiber Optics is mainly engaged in the production and sale of optical fibers. After the capital increase, the subsidiary will see CNY 412.32 million registered capital, and the stake held by Jiangsu Zhongtian Technology in the subsidiary will be increased from 92.77% to 95.97%. Yangtze Optical Fibre and Cable Company Ltd (YOFC) will take up 4.03% stake in the subsidiary.
Jiangsu Zhongtian Technology stated that since the needs for optical fiber and cable were increasing steadily in and out of China, the capacity expansion for optical fibers without delay was beneficial for the production capacity of upstream and downstream products to match with each other, which will help improve the overall profitability of the company.
Source: www.yicai.com (April 06, 2012)
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