China Union Electric 98 million super raise funds nuggets mine cable

Today, the Sino-Union Electric announced that it intends to invest 98 million yuan in the initial public offering to build a coal mine cable product manufacturing project, relying on the existing main business to expand actively in the new field and increase the company's new economic growth point. December 18, 2009, China-Union Electric on the Shenzhen Stock Exchange officially listed, Through the initial public offering to raise the net amount of 605 million yuan, of which, the IPO fund-raising project 2 million kVA mine flameproof mobile substation and dry-type transformer construction projects and technical Service Support Center project commitment to invest in total of 245.55 million yuan, the remaining 359.8494 million yuan for super raise funds.　　And this time, the Sino-Union Electric temporarily decided to take out 98 million yuan to invest in the company new factory building the coal mine use cable product manufacture project. According to the construction requirements and actual conditions of the project, the construction period of the project is 0.5 years, and the birth is 2 years. After the completion of the production of 10KV and the following types of mine cables and some of the supporting power cable, to meet the domestic coal mine safety mining needs, so that the enterprise's product grade and technical level into a higher platform.　　The company predicts that after the project is built, the annual sales revenue (excluding tax) will reach 275 million yuan, the total profit is 25.787 million yuan. However, the company admits that, although this investment is in line with the company's development strategy, is conducive to expanding the company in the mine electric industry advantages, to enhance the company's profitability and comprehensive competitiveness, but due to the formal production still need some time, so this investment in the short term on the company's performance has little impact