Yuanxing Natural Alkali Issues Additional Shares     

Inner Mongolia Yuanxing Natural Alkali Co., Ltd. (Yuanxing Natural Alkali, SZ: 000683) announced China Securities Regulatory Commission has approved its application for the non-public offering of domestic shares. The company intends to issue up to 70 million shares. Funds to be raised will be used to pay back a bank loan of RMB500 million and the surplus will be used as additional working capital.
   The company will further promote the shift from inorganic chemicals to organic chemicals, strip off the soda ash business at an optimal time and strengthen the methanol business. The company will develop towards the diversification of the methanol production, using natural gas and coal for methanol.
   The net profit of the company is estimated to be RMB190 million in 2007 and is expected to reach RMB510-660 million in 2008.