Jiedong County Rural Credit Cooperative Association announced that it has received CNY 100.77 million in funding from Guangdong Vanward New Electric Co., Ltd.
January 03, 2013 at 11:00 pm EST
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Jiedong County Rural Credit Cooperative Association announced that it will raise CNY 100,768,000 in a round of funding from new investor Guangdong Vanward New Electric Co., Ltd. on December 31, 2012. The company will issue 37,600,000 shares at CNY 2.68 per share to the investor. The transaction was approved at the sixth session of the second directorate meeting of the investor. The investor will acquire 8% stake in the company pursuant to the transaction.
On January 4, 2013, Jiedong County Rural Credit Cooperative Association closed the transaction.
Guangdong Vanward New Electric Co., Ltd. is a China-based company principally engaged in the manufacture and sale of gas water heaters and other gas appliances. The Company's main products include gas water heaters, range hoods, as well as air, solar and other new energy hot water products. The Company's products are mainly used in domestic hot water, heating and hot water, refrigeration, drying and surplus heat of backwater. The Company distributes its products in domestic market and to overseas markets.
Jiedong County Rural Credit Cooperative Association announced that it has received CNY 100.77 million in funding from Guangdong Vanward New Electric Co., Ltd.
GUANGDONG VANWARD NEW ELECTRIC CO., LTD. 
