Neway Petroleum Equipment Co., Ltd. announced that it expects to receive $6.2 million in funding from Neway Valve Co., Ltd.
April 14, 2021
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Neway Petroleum Equipment (Suzhou) Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 6,200,000 on April 15, 2021. The transaction will involve participation from existing investor, Neway Valve (Suzhou) Co., Ltd. Post-closing of the transaction, stake of Neway Valve (Suzhou) Co., Ltd. will increase from 89.67% to 93.17% in the company. Post-closing of the transaction, the capital of the company will increase from $12,100,000 to $18,300,000. The transaction has been approved by the board of directors of the investor at its 18th meeting of its 4th directorate, does not need its shareholders? approval.
Neway Valve Suzhou Co Ltd is a China-based company primarily engaged in the production and research and development of industrial valves. The Companyâs main business is to provide customers with industrial valve solutions. The Companyâs main products include ball valves, butterfly valves, gate valves, globe valves, check valves, control valves, nuclear valves, subsea valves, safety valves and other products. The Companyâs products are used in petroleum, natural gas, refining, chemicals, shipbuilding and offshore engineering, power plants, long-distance pipelines, new energy and other industries. The Companyâs other products include actuators, control systems, manifolds, data header and other oil equipment applied to gas and oil industry. The Company conducts its business in the domestic and overseas markets.