Prinx Chengshan (Shandong) Tire Co., Ltd. recently made major adjustments in its business strategy, and decided to suspend the Phase II expansion project of all-steel radial tire in Rongcheng base and put all its reserve funds into Thai base.
According to information, Prinx Chengshan issued 135 million shares to the world when listed in Hong Kong stock. The net proceeds from the sale were about RMB 649 Million Yuan. According to the plan, 35.8% (RMB 233 Million Yuan) of them will be used for the above project. Prinx Chengshan also decided to invest all RMB 195 Million Yuan originally used for overseas investment in the Thai project, and at this point, the total raised funds for the construction of Thai factory have reached RMB 428 Million Yuan.
At present, the company’s Thai factory is under construction in an orderly manner. It is expected to be put into operation in June 2020. Phase I of the project will have an annual production capacity of 4 million PCR tires and 800,000 TBR tires.
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