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FINWIRES

Anhui Wanwei Seeks Up to 2.3 Billion Yuan from Share Sale to Controlling Shareholder

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Anhui Wanwei Updated High-Tech Material Industry (SHA:600063) is looking to raise up to 2.30 billion yuan from the sale of shares to controlling shareholder Wanwei Group through a private placement of shares, according to a Friday filing with the Shanghai bourse.

The number of shares to be issued will not exceed 30% of the total share capital before the private placement.

Proceeds from the placement will help fund the ethylene-based functional polyvinyl alcohol resin project with a capacity of 200,000 tons per year, and a high-generation panel polyvinyl alcohol (PVA) optical film production project with a capacity of 30 million square meters, the filing said.

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