Zhejiang Glass outlines soda ash plans

The project by Zhejiang Glass Co. Ltd. to invest in an CNY 800 million soda ash plant were outlined by Feng Guangcheng, the founder and chairman of the company, China“s fifth-largest flat-glass maker…

The project by Zhejiang Glass Co. Ltd. to invest in an CNY 800 million soda ash plant were outlined by Feng Guangcheng, the founder and chairman of the company, China“s fifth-largest flat-glass maker by melting capacity,. In a conference call with reporters, Feng Guangcheng said 16 April 2003 the proposed plant in Qinghai province, with registered capital of CNY 250 million, was pending government approval. The soda ash project is being seen as a diversification move after a 59.28% drop in attributable profit in 2002, a year Mr. Feng called “very difficult” for the glass industry. Zhejiang Glass would contribute the CNY 250 million registered capital, Mr. Feng said, while the party that would contribute the remaining investment was still being negotiated. Funding would come from the company“s internal cash resources, which were CNY 423.8 million as of 31 December 2002.