548 Million Yuan! Anhui Xinbo Aluminum to Raise Funds for Photovoltaic Aluminum Project

PVTIME – On May 31, Anhui Xinbo Aluminum Co., Ltd. (Anhui Xinbo Aluminum)(003038.SZ), a China-based company mainly manufactures and sells aluminum alloy profiles, announced that the company intends to use the raised funds of 548 million yuan to increase capital to Anhui Xinbo Photovoltaic Material Co., Ltd., a wholly-owned subsidiary of Anhui Xinbo Aluminum.

On December 2nd, 2021, Anhui Xinbo Aluminum planned to issue no more than 20 million shares non-publicly and raise no more than 780 million yuan to supplement working capital and invest in photovoltaic aluminum components project for Anhui Xinbo Photovoltaic Materials. The project would be initiated by Anhui Xinbo Photovoltaic Materials, with an annual output of 100,000 MT of solar module frame. The project was planned to located in Chuzhou High-tech Industrial Development Zone, Anhui Province, with a total investment of 687.8628 million yuan and construction period of 1 year.

This particular project is expected to help Anhui Xinbo Aluminum to break through the bottleneck of its production capacity and achieve further expansion for its photovoltaic aluminum frame deep processing business. Anhui Xinbo Aluminum would like to increase its share in the market and improve production efficiency and product quality to meet business development needs, and gain profit for the shareholders.