CAS is approved to issue not more than 1 million shares

Tuesday, CAS said the company has approved  by China Securities Regulatory Commission to issue not more than 1 million shares on January 12.

This time, CAS planed to issue not more than 1 million shares to less than 10 investors. Among them, China Guizhou Aviation Industry (Group) Co., Ltd. promised to subscribe for 2000 shares, while China General Aircraft Co., Ltd. promised to subscribe for 1000 shares.

Raised funds are all used in CAS Special Glass Company that will purchase Hainan Float Glass company and build or improve production line based on the original. The total investment of the project reaches 1.152 billion yuan, 450 million yuan is used in purchasing and 610 million yuan is used in introducing American PPG Technology and building an Oxy-Fuel energy-saving Low-E coating production line, 91.83 million yuan is used to introduce PPG company technology to transform a float glass production line into Electronic-grade glass and off-line Low-E glass substrate production line.

The company said that it will handle matters related to this issue as soon as possible during the six months.