O-Film Tech to Establish Optical Subsidiary in Nanchang
By JXCN.CN Update 2011-1-4 15:45:27
January 4, CapitalVue - Shenzhen O-film Tech (002456) plans to establish a wholly-owned subsidiary in Nanchang, Jiangxi province, with 100 million yuan of the excess funds raised through its IPO, reports China Securities Journal, citing a company filing.
The subsidiary will specialize in optical and optical film products. The establishment of the subsidiary will optimize O-film's product structure.
O-film raised a total of 671 million yuan through its IPO, including 429 million yuan of the excess funds raised. The company spent 93.2 million yuan of the excess funds on repaying bank loans and 200 million yuan for the establishment of Nanchang O-film Optical Technology.
The 36.25 million yuan of excess funds left after the establishment of the aforesaid subsidiary will be used to replenish O-film's working capital.
In addition, O-film plans to issue a maximum of 400 million yuan worth of short term financing bills with maturity of one year to replenish working capital and repay bank loans.
