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Zhejiang to invest 100 mln yuan in an ultra-thick float flat glass line
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Zhejiang Glass Co Ltd said it intends to use 100 mln yuan which was a part of net proceeds raised from its listing of H shares to invest in an ultra-thick float flat glass production line.
The 100 mln yuan was originally meant to be invested in a joint venture for building a furnace and two production lines for patterned glass and wired glass, a company statement said.
However, the company found that there has been set up substantial capacity for patterned glass and wired glass productions in Zhejiang Province, Jiangsu Province and Shanghai recently, and investment in a new production line may not bring the best economic return.
The joint venture originally intended to be established with Dynamic Goal Worldwide will no longer be required, it added.
The proposed ultra-thick glass line will have a daily melting capacity of 600 tonnes, it said.
It said that demand for ultra-thick float flat glass in China will steadily increase, thereby paving the way for better economic return.
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May 20th, 2002
Source: FT |
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