Luoyang Glass and parent company to invest in JVs

Hong Kong-listed Luoyang Glass Co Ltd and parent China Luoyang Float Glass (Group) Co. are investing a total of CNY 550 million to set up two joint ventures in China.
Company chairman Liu Baoying sai…

Hong Kong-listed Luoyang Glass Co Ltd and parent China Luoyang Float Glass (Group) Co. are investing a total of CNY 550 million to set up two joint ventures in China. Company chairman Liu Baoying said in a statement that Luoyang Glass will take an 80% stake in each of the two joint ventures. The company will set up Luoyang Long Hai Electronic Glass to make and market ultra-thin glass. The joint venture requires an investment of CNY 300 million and will have a registered capital of CNY 60 million. Luoyang will also set up CLFG Group Long Hao Glass to produce glass-related products. CLFG Group Long Hao will have a registered capital of CNY 50 million and will require an investment of CNY 250 million. Luoyang Glass said the investment will be funded through bank loans and capital market fund-raising activities.