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PRCO increases the capital of Qinghai PRCO by 434 million yuan


Jan. 14, 2023 - Puyang Refractories Group Co., Ltd. (hereinafter referred to as "PRCO" or "the Company") announced yesterday that it would increase the capital of 434 million yuan to its wholly-owned subsidiary PRCO Qinghai High-tech Materials Co., Ltd. (hereinafter referred to as "Qinghai Punai") increased its capital by debt-equity swap. After the capital increase is completed, the registered capital of Qinghai Punai will increase from 126 million yuan to 560 million yuan, and the company's shareholding ratio will remain unchanged at 100%.

The project of Qinghai Punai with an annual output of 120,000 tons of high-purity magnesia and 60,000 tons of large crystal fused magnesia has been put into operation in July 2021.

Talking about the impact, PRCO said that this is conducive to the development of the company's raw material sector, to reduce the level of asset liability ratio of Qinghai Punai, optimize the debt structure, improve the company's comprehensive strength and industry competitiveness of the raw material sector.
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