Glory Information reported on January 6 that Sailun Group (601058.SH) announced that CART TIRE CO.,LTD. (hereinafter referred to as "CART TIRE") is a wholly-owned company established by the company through an overseas wholly-owned subsidiary in Cambodia, mainly engaged in the production and operation of tire products, and is also the first tire manufacturing enterprise in Cambodia. The annual production projects of 9 million semi-steel radial tires, 12 million semi-steel radial tires, and 1.65 million all-steel radial tires have all achieved mass production operations. To better meet customer needs, CART TIRE plans to invest in the construction of the "Cambodia All-Steel Radial Tire Expansion Project" based on the earlier annual production of 1.65 million all-steel radial tires, which is expected to add an annual production capacity of 1.65 million all-steel radial tires upon completion. The total project investment is 93.48 million USD, including: construction investment of 61.18 million USD and working capital of 32.3 million USD.
To meet the funding needs of this investment project, the company plans to increase capital in relevant subsidiaries, with the specific capital increase path as follows: the company will increase capital by 93.48 million USD to its wholly-owned subsidiary SAILUN INTERNATIONAL HOLDING (HONGKONG) CO., LIMITED. (hereinafter referred to as "Sailun Hong Kong"); Sailun Hong Kong will increase capital by 93.48 million USD to its wholly-owned subsidiary SAILUN INTERNATIONAL HOLDING (SINGAPORE) PTE. LTD. (hereinafter referred to as "Sailun Singapore"); Sailun Singapore will increase capital by 93.48 million USD to its wholly-owned subsidiary CART TIRE.
