Xibei Bearing Plans 178M Yuan Private Placement

Resource from: CBCC Likes:3052

Jun 08,2012

Xibei Bearing, a maker of rolling-element bearings and standard bearings, said it plans to issue 30.87 million shares at 5.78 yuan per share to controlling shareholder, Bao Ta Petrochemical Group, in order to raise 178.43 million yuan to boost working capital, reports Securities Daily, citing a company filing yesterday. Xibei Bearing’s debt ratio hit 76.47 percent at the end of March, higher than its competitors. According to the report, Bao Ta Petrochemical Group has a 20 percent stake in Xibei Bearing. After the share subscription, its stake will rise to 29.97 percent. Bao Ta Petrochemical Group mainly engages in the petrochemical business which recorded 2011 net profit of 448.92 million yuan on revenue of 13.21 billion yuan. Net assets of its petrochemical business hit 6.26 billion yuan at the end of 2011. Bao Ta Petrochemical Group acquired 43.37 million shares, or a 20 percent stake in Xibei Bearing for 405.47 million yuan in April, 2011. Shares of Xibei Bearing closed at 6.82 yuan per share, reducing the value of Bao Ta Petrochemical Group's stake in the company by 110 million yuan from the same period a year ago. According to the report, Xibei Bearing borrowed 27 million yuan from Bao Ta Petrochemical Group in 2011, while borrowings from employees hit 34.59 million yuan. Xibei Bearing recorded 2011 net profit of 7.17 million yuan.

(CBCC)

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