Huafu to raise 2.2 bn yuan for two projects

12 Apr '16

2 min read

China’s Huafu Top Dyed Mélange Yarn Co., Ltd. recently announced that it will raise 2.2 billion yuan through non-public offering of shares, out of which, 1.78 billion yuan will be used for the 160,000-spindle project for high-grade mélange yarn respectively in Akesu, Xinjiang Uygur Autonomous Region and in Vietnam, and the remaining 420 million yuan for replenishing operating fund, the China Textile Leader said on its website.

According to the announcement, the project in Akesu will cost a total investment of about 899 million yuan, including about 145 million yuan for construction and 575 million yuan for purchasing equipment. The project includes an annual production capacity of 160,000 spindles for high-grade color-spun yarn and associated storage, fire-fighting, power supply and heat supply as well as waste water discharge and sewage disposal facilities. The project is expected to be finished construction in 24 months and the facility will produce 29,000 tonnes of mélange yarn.

Huafu’s project in Vietnam will cost a total investment of 884.22 million yuan, including 118.48 million yuan for construction and 588.04 million yuan for purchasing equipment. It is expected to be put into operation within 24 months and produce 26,880 tonnes of high-grade mélange yarn. (SH)

Fibre2Fashion News Desk – India

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