Chinaknowledge.com reported that Fuyao Group Glass Industries Co. Ltd. said that it will sell a 9.98% stake to Goldman Sachs for RMB 890 million.
The glass maker said that its board has approved a proposal to issue 111.28 million new shares at RMB 8.00 a share in a private placement to an investment arm of Goldman Sachs.
Fuyao Glass said it will use about 80% of the proceeds to settle loans and the rest to supplement working capital.
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