Hengyi Petrochemical to raise 3 billion yuan by private placing for PTA project

28-Jun-11

Hengyi Petrochemical plans to raise three billion yuan by issuing 65 million shares at 46.4 yuan per share in a private placement, reports Shanghai Securities News, towards production of purified terephthalic acid (PTA). The project, scheduled for completion in two years, will have an annual production capacity of 1.5 mln tons of PTA. The facility includes two fiber workshops- a set of polyester production equipment and 5 polyester filament production lines will be included in the workshops. Remaining funds will be invested in two sets of caprolactam (CPL) production equipment, with total caprolatam production capacity of 100,000 tons upon completion.