21 February 2020

Tiandi plans capital increase in Qinhuangdao unit, filing says

Tiandi Science & Technology Co. Ltd. (600582.CN) will inject cash into the Qinhuangdao unit of CCTEG Energy Investment Co. Ltd (CEI) to boost its capital to 300 million yuan (US$49.44 million) from 50 million yuan, it said in a regulatory filing Monday. The investment will be made through CEI, a Tiandi subsidiary, which will put 127.5 million yuan into the Qinhuangdao unit. The rest of the money will be contributed by its other shareholders. Proceeds will be used mainly to acquire assets and mining rights, the filing said. The move is in line with government efforts to speed up consolidation in the mining sector.

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