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Wanwei Proposes Share Placement to Controlling Shareholder

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Anhui Wanwei Updated High-Tech Material Industry (SHA:600063) proposed to place shares to its controlling shareholder, Anhui Wanwei Group, according to a Shanghai bourse filing on Friday.

Proceeds from the share placement will be used to construct factories for PVA optical film for next-generation display panels and for ethylene-process functional PVA resin, with a total cost of 4.32 billion yuan. About 2.30 billion yuan will be financed through the share placement.

Wanwei Group is expected to hold over 30% of the Chinese chemical fiber manufacturer's total shares after the transaction's completion.

The company's shares dipped 7% at the close.

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