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The company said that in order to increase the efficiency of the use of raised funds, improve the company’s product mix, and enhance market competitiveness, the company plans to use 796 million yuan in over-raised funds for Shengyuan Chemical Fibre to produce 100,000 tons of ultrafine denier differentiated FDY yarn and 30,000 yuan annually. Tons of ultra-dense differentiated DTY silk technological transformation projects, using 495 million yuan over-raised funds for the new chemical fiber project of Shengyuan Chemical Fibre with an annual output of 90,000 tons of polytrimethylene terephthalate (PTT).
Rongsheng Petrochemical disclosed that if the above projects are scheduled to reach production, market development is in line with expectations. According to the company's feasibility analysis of the above projects, the estimated annual sales income after the project reaches production is 2.18 billion yuan, and the total annual normal profit can reach 326 million yuan. .
The company will provide loans to Zhejiang Shengyuan Chemical Fiber, a wholly-owned subsidiary, and Shengyuan Chemical Fiber will implement the above two over-raised funds investment projects. The remaining 659 million yuan in funds raised by the company will be used for the company's main business according to the company's development plan.
In addition, Rongsheng Petrochemical today announced the subsidiary's external investment announcement. The announcement disclosed that Rongsheng Petrochemical intends to invest in the equity of Hainan Yisheng Petrochemical Company (Hainan Yisheng) through its holding subsidiary Dalian Yisheng Investment Company (Yisheng Investment). It is agreed that Yisheng Investment will increase capital of 153 million yuan in Hainan Yisheng at a 1:1 registered capital. After the capital increase is completed, Yisheng Investment will hold 40.26% equity of Hainan Yisheng and become the second largest shareholder of Hainan Yisheng.
Rongsheng Petrochemical Co., Ltd. participated in the acquisition of Hainan Yisheng to participate in the construction of the Yisheng PTA project in Hainan and improve the company's layout in the PTA industry. China's PTA industry's import dependence remains at around 30%, and the market prospects are good. The company has leading PTA technology and rich experience in PTA project operations, such as the successful implementation of Hainan Yisheng PTA project, will bring new company Profit growth.
Rongsheng Petrochemical announced today the use of over-raised funds. The company disclosed that 56 million shares of the initial public offering were issued at a price of 53.80 yuan per share. Compared with the original 949 million yuan in the use of raised funds, it has raised over 1.95 billion yuan.