JIANGSU YUEDA INVESTMENT CO., LTD. Jiangsu Yancheng Clean Energy Development Co., Ltd announced that it will receive issue 140,000,000 shares at an issue price of CNY 6.3 per share for gross proceeds of CNY 882,000,000 in an equity round of funding on September 7, 2022. The company has signed subscription agreement with the investors. The transaction will include participation from returning investor Yancheng State-Owned Energy Investment Co., Ltd. for 80,000,000 shares and proceds of CNY 504,000,000, new investors Jiangsu Yueda Investment Co., Ltd., Jiangsu Yancheng Port Holding Group Co., Ltd each for 20,000,000 shares and proceeds of CNY 126,000,000 and for 4% stake each, Yancheng State-owned Capital Operation Development Co., Ltd., Dongtai State-owned Assets Management Group Co.,Ltd. each for 10,000,000 shares and proceeds of CNY 63,000,000 and for 2% stake each in the company.
The transaction has been approved by the board of directors of Jiangsu Yueda Investment Co., Ltd. in its 15th meeting of the 11th board of directors and is subject to deliberation of its shareholders' meeting and the approval of the regulatory agencies that may be involved and State-owned Assets Supervision and Administration Department and other relevant government departments. Pursuant to the transaction, the registered capital of the company will increase from CNY 360,000,000 to CNY 500,000,000.
