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Angel Yeast Plans Up to 3.5B Yuan Convertible Bonds for Yeast Protein Projects
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Angel Yeast Co., Ltd. (600298.SH) announced on September 24 that it plans to issue convertible bonds to unspecified investors, raising up to 3.5 billion yuan (approximately $480 million). The proceeds, after deducting issuance costs, will be used to fund several projects including the second phase of the Baiyang Bio-Tech Park project in Yichang High-tech Zone, a key yeast protein core technology research and engineering project, a 20,000-ton annual yeast green manufacturing project in Kekedala, a 60,000-ton annual flexible smart manufacturing and supporting project for food ingredients, and to supplement working capital. The announcement was made via a filing to the Shanghai Stock Exchange.
Source report
September 24 — Angel Yeast Co., Ltd. (600298.SH) announced that it plans to issue convertible corporate bonds to unspecified investors, with total fundraising not exceeding CNY 3.5 billion.
After deducting issuance expenses, the proceeds will be used for the following projects:
- Phase II of the Baiyang Bio-Science Park Project at the company's Yichang High-tech Zone subsidiary
- The Yeast Protein Core Technology Research and Engineering Project at the Yichang subsidiary
- The annual 20,000-ton yeast product green manufacturing project at Kekedala Angel Yeast Co., Ltd.
- The annual 60,000-ton food ingredient flexible intelligent manufacturing and supporting project at the park factory
- Supplementing working capital
Source
财联社Eastern
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Angel Yeast plans up to 3.5 billion yuan convertible bond for yeast protein expansion