Beiqi Foton Motor to raise 2.5B yuan in placement
(chinatrucks.com, Dec.22, 2009)Beiqi Foton Motor Co. plans to raise as much as 2.5 billion yuan via the private placement of as many as 160 million shares, according to a filing to Shanghai's stock exchange. The company will sell the shares at 17.76 yuan each, according to the statement. Beiqi will use the money to fund heavy truck projects, it said.
The project may have two directions: First is the GTL heavy-duty truck technological transformation project. This construction will last two years and the annual production capacity of GTL and so on heavy-duty trucks can reach 60,000 units.
The second direction of the construction projects is to upgrade the level of important heavy-duty truck parts. When the project is finished, the annual production capacity can still be maintained at today's levels, which are 28,000 high-end Heavy Duty trucks and 32,000 medium and low-medium heavy trucks.
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