Famous Tire Enterprise Increased Capital By State-Owned Group
On May 4th, Shandong Fengyuan Tire Manufacturing Co., Ltd. reviewed and approved the proposal for the first targeted stock issuance in 2023.
The company plans to issue no more than 96 million shares and raise funds of 96 million yuan. All raised funds will be used to supplement working capital.
The types of shares to be issued this time are RMB ordinary shares, with each share being 1 yuan. Its issuance target is the controlling shareholder Zaozhuang Mining (Group) Co., Ltd.
At present, Zaoming Group holds 600 million shares of Fengyuan Tire, accounting for 56.9%.
The controlling shareholder of Zaoming Group is Shanneng Group, which is affiliated with the Shandong Provincial State owned Assets Supervision and Administration Commission. According to relevant regulations, this issuance only requires approval from Shanneng Group.
On February 24th of this year, the board of directors of Shanneng Group approved the implementation of capital increase by Zaoming Group for Fengyuan Tire.
