Keyuan Petrochemicals completes private placement financing with institutional investors

01-Oct-10

Keyuan Petrochemicals has completed a private placement financing with institutional investors with gross proceeds of US$20.3 mln to fund the purchase of raw materials for its petrochemical production facility. With issue of 540,001 investment units, the lead investor was Prax Capital that invests in the company through its solely owned investment vehicle Dragon State International. Keyuan will invest the US$20.3 mln new capital to generate incremental revenues and profits.