Shanxi Antai Expands Coal-base Chemicals Business
Year:2009 ISSUE:13
COLUMN:M & A, BUSINESS & TRADE
Click:200    DateTime:May.05,2009
Shanxi Antai Expands Coal-base Chemicals Business     

Shanxi Antai Group Co., Ltd. (SH: 600408) said on April 19th its board has approved a private share placement plan to issue up to 200 million RMB-denominated A shares at no less than RMB5 a piece.
    The placement should be completed in six months once gaining approval from the China Securities Regulatory Commission.
    The proceeds will be used to fund construction of a methanol and dimethyl ether plant using coke oven coal gas as feedstock. The project, capable of producing 59 000 tons of methanol, and 100 000 tons of dimethyl ether a year, requires capital investment of RMB855 million and would take two years for construction term. The excess of the fund raised from the share issuance would be used to replenish the company's working capital. If the fund is not enough for funding the project, the company would use internal capital and loans to make up for the gap.