Tinergy Chemical Co.,Ltd. announces that its Board of Directors has reviewed and approved the following resolutions.
The Company agrees to increase the capital of its controlling subsidiary, Guizhou Zhonghe Phosphate Chemical Co., Ltd., by Yuan 260 million, and to invest in the construction of a project with an annual production capacity of 400,000 tonnes of titanium dioxide and 1.4 million tonnes of ferrous sulfate heptahydrate, with a total estimated investment of Yuan 5.538 billion.
Meanwhile, the company agrees that its wholly-owned subsidiary, Gansu Dongfang Titanium Industry Co., Ltd., shall invest in the construction of a project with an annual production capacity of 600,000 tonnes of precursor material (iron phosphate) for lithium iron phosphate / lithium iron sodium phosphate, with a total estimated investment of Yuan 5.462 billion.
The aggregate investment for the above two projects amounts to approximately Yuan 11.0 billion. Neither project constitutes a connected transaction nor a material asset reorganization, and therefore, neither is subject to the approval of the Company's shareholders' meeting.
Edited by Cassie Li, lixiangying@mysteel.com
