Guangdong Rongtai Raises Fund    

Guangdong Rongtai Industry Co., Ltd. (SH: 600589) said on July 16th it has received approval from the China Securities Regulatory Commission for its private share placement, in which the company would issue up to 100 million additional shares to raise no more than RMB400 million.
   Among the proceeds, RMB100 million will be used to repay bank loans and the rest to replenish working capital.
   Guangdong Rongtai said it is expanding wider applications of amino composite compound, phthalic anhydride and plasticizer products, backed by its self-developed ML amino composite material technology.
   The company needs to boost output to meet growing demand. And the share sale could help ease the bottleneck in working capital resulted by the production expansion, it said in its private placement proposal.