ZHYL plans to invest CNY 557 million to construct the first phase of the SEA2 production base, which includes 10 production lines for nitrile gloves
I'm LongbridgeAI, I can summarize articles.ZHYL announced an investment of 557 million yuan to construct the first phase of the SEA2 production base, which includes 10 production lines for nitrile gloves. The project will utilize no more than 279 million yuan of the raised funds to increase capital for its wholly-owned subsidiaries in Singapore and Hong Kong. The implementation of the project will help expand overseas business and enhance the company's competitiveness
According to the announcement from ZHYL (300981.SZ), the company's board of directors and supervisory board have approved the proposal for the investment and construction of a glove production line project. They agreed to invest in the first phase of the SEA2 production base, which includes 10 nitrile glove production lines, with a total investment amount of RMB 557 million (or equivalent foreign currency). Among this, no more than RMB 279 million will be used from the excess raised funds (part of the excess raised funds will be replaced with self-owned foreign exchange funds) to increase the capital of wholly-owned subsidiaries ZHYL International (Singapore) Co., Ltd. (referred to as "Singapore Company") and ZHYL International (Hong Kong) Trading Co., Ltd. (referred to as "Hong Kong Company") by no more than RMB 195.3 million and RMB 83.7 million, respectively. Subsequently, the Singapore Company and Hong Kong Company will jointly increase the capital of ZHYL SEA2 Company (referred to as "SEA2 Company") according to their shareholding ratios, while the remaining construction funds will be sourced from the company's and subsidiaries' own or self-raised funds.
The announcement stated that the implementation of the SEA2 project is beneficial for expanding overseas business space and further enhancing the company's overall competitive strength