Xinhua Chemical announced that the company plans to issue convertible corporate bonds to non-specific investors, raising total proceeds of no more than 900 million yuan. After deducting issuance expenses, the proceeds will be used to expand a technical upgrade project for 50,000 tonnes of isopropanol, 3,500 tonnes of isopropyl ether, and 200 tonnes of propane, as well as a relocation and upgrade project for 10,000 tonnes of specialty amine new materials within an annual capacity of 73,000 tonnes. In addition, the funds will be directed to the Zhejiang Xinhua R&D center construction project, and the hydroformylation project and synthetic fragrance product base projects phases two and three of Ningxia Xinhua Chemical Co., Ltd.
Zhejiang Xinhua Chemical Co LtdXinhua Chemical plans a convertible bond issue of up to 900 million yuan to fund isopropanol and new materials capacity expansion.
Part of the convertible bond proceeds will fund the hydroformylation and synthetic fragrance base projects of Ningxia Xinhua Chemical.
