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Chinese textile firm Shandong Demian to set up new unit
17
May '12
Shandong Demian Incorporated, formerly Shandong Dezhou Cotton Mill, plans to raise up to 530 million Yuan through private placement to set up a new production unit.

The company intends to issue a maximum of 95 million shares at a minimum price of 5.54 Yuan per share.

The funds so raised would be utilized by the company to set up a textile production unit, strengthen sales channels and to retain a part of it as operating capital.

The company would invest 253 million Yuan in the construction of the textile production unit and will set aside 85 million Yuan to supplement its operating capital. The remaining 162 million Yuan would be diverted towards strengthening the sales channels, the company said.

The new textile unit will have a capacity to produce 4.5 million units of premium bedding per year. Once operational, the new unit is expected to bring revenue of 952 million Yuan to the company and increase its annual net profit by 59.85 million Yuan.

Shandong Demian will open new sales outlets in Beijing, Liaoning, Shanxi, Shandong, Henan, Hebei and Tianjin. It estimates the new outlets to fetch revenue of 310 million Yuan per year and contribute 29.02 million Yuan to the firm's net profit.

Fibre2fashion News Desk - China

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