On April 22, Zhejiang Province-based Chinese pipe producer Kingland Pipeline and Technologies Co. (Kingland Pipeline) has announced that it has issued 66.448 million non-public shares to raise funds worth RMB 499,688,960 ($80 million), with trading of the shares due to commence on April 23.
The raised money will be used for the company's project for production of high grade pre-finishing spiral welded pipe for application in petroleum and natural gas transmission and also for its new steel-plastic composite pipe project. With a planned annual output of 200,000 mt and a total investment of RMB 593 million ($95 million), the high grade pre-finishing spiral welded pipe project will use RMB 266 million ($43 million) of the raised funds. Meanwhile, the new steel-plastic composite pipe project which is expected to produce 100,000 mt of steel-plastic composite pipes per year will use RMB 234 million ($37 million) of the raised funds. The total investment in the new steel-plastic composite pipe project is RMB 274 million ($44 million).
Kingland Pipeland previously announced that its issuance of no more than 66.49 million non-public shares had been approved by China Securities Regulatory Commission, effective for the six months from March 20.
