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Fuyao Glass Industry to inject capital to 4 subsidiaries

Post Time:Apr 24,2009Classify:Company NewsView:330

Fuyao Glass Industry Group Co Ltd (FYG)<600660>, China's biggest windshield maker, said in a statement today that it will inject capital to four subsidiaries, sources reported.

FYG and its subsidiary Fuyao (Hong Kong) Ltd will inject RMB 90 million to a 75:25 joint venture (JV), namely Fuyao (Fujian) Bus Glass Co Ltd, to lift the JV's registered capital to RMB 100 million from the current RMB 10 million.

FYG will also cooperate with Midland Ltd, an indirectly owned unit, to inject US$5 million to Fuyao Glass Chongqing Co Ltd, whose registered capital will be raised to US$17 million from the current US$12 million.

In addition, FYG plans to inject US$5.1 million to its South Carolina-based Fuyao (N.A.) Ltd and US$4 million to its subsidiary Fuyao (Hong Kong) Co Ltd, respectively, in a bid to enhance glass export business.

Source: China KnowledgeAuthor: shangyi

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