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China-Kinwa High Tech obtains RMB 100-mln capital injection

Published: 02 Jun 2009 00:44:30 PST

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Jun. 2, 2009 (China Knowledge) - China-Kinwa High Technology Co Ltd<600110>, which is engaged in the development of thermal shrinkable products, copper foil products and petroleum products, on Jun. 2 announced that it signed an agreement with Xi'ning Economic and Technological Development Zone on May 31 accepting RMB 100 million for the firm's copper foil branch, sources reported.

The Xi'ning Economic and Technological Development Zone, located in Qinghai Province, will initially contribute RMB 50 million consisting of RMB 8.3 million in cash and 417 Mu land worth RMB 41.7 million. The specifics regarding the remaining funds have not been decided yet.

After the whole injection, the registered capital of the copper foil subsidiary will be RMB 550 million. China-Kinwa High Technology will hold a 54.55% stake worth RMB 300 million, while the copper foil subsidiary will hold a 27.27% stake worth RMB 150 million and Xi'ning Economic and Technological Development Zone will hold an 18.18% stake worth RMB 100 million.

Reportedly, China-Kinwa High Technology on May 19 announced plans to acquire a 100% stake in a Beijing investment enterprise for RMB 45 million. The investment firm has 20-year rights to develop and benefit from the Qian'an area of the Jilin oilfield, which belongs to PetroChina<601857><0857><PTR>.

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