Xiwang Foodstuffs Co.,Ltd. announced that it expects to receive CNY 1.199999996 billion in funding from Shandong Yonghua Investment Co., Ltd.
August 19, 2020
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Xiwang Foodstuffs Co.,Ltd. (SZSE:000639) announced that it has entered into a conditional effective share subscription agreement for a private placement of up to 211,640,211 A shares at a price of CNY 5.67 per share for gross proceeds of approximately CNY 1,199,999,996 on August 20, 2020. The transaction will include participation from returning investor Shandong Yonghua Investment Co., Ltd. for 176,366,843 shares for CNY 1,000,000,000 and individual investor Wang Di for 35,273,368 shares for CNY 200,000,000. The shares have a par value of CNY 1 per share and a lockup period of 12 months from the date of deliberation and approval by the shareholders' meeting. The transaction has been approved at the 3rd meeting of the 13th directorate of the company, and is subject to the approval of the company's shareholders meeting and the China Securities Regulatory Commission.
Xiwang Foodstuffs Co., Ltd. is a China-based company principally engaged in the food processing and marketing business. The Company is mainly engaged in the production and sales of corn germ oil and other edible oil products, as well as the nutritional supplements. The Company is also engaged in the research, development and sales of sports nutrition and weight management products. The Company mainly distributes its products in domestic market.