Sinochem International’s application for a non-public offering of shares has been approved by the public offering review committee of the China Securities Regulatory Commission.
On March 25, the company disclosed its proposal for a non-public offering of A shares in which it will raise no more than 5 billion yuan through inquiry. The proceeds will be mainly used for the Phase I of the C3 project and supplementing working capital.
Upon the completion of fundraising, the company’s total assets and net assets will increase while the ratio of liabilities to assets will decrease. This will help optimize its capital structure, reduce financial risks, and achieve steady operation and sustainable development. Overall, Sinochem International will see further improvement in profitability, anti-risk capability and overall strength.