Yueda Investment announced that its controlling shareholder, Jiangsu Yueda Group, plans to increase its stake in the company starting from July 31 over a 12-month period. The purchases will be made through centralized bidding at a price not exceeding 6 yuan per share, using its own and self-raised funds. The total amount of the increase will be no less than 42.5 million yuan and no more than 85 million yuan, and the number of shares added will not exceed 2 percent of the company's total share capital. The announcement showed that on July 31, it had already purchased 908,000 shares for a total of 3.88 million yuan.
Jiangsu Yueda Investment Co LtdControlling shareholder plans to increase stake, signaling confidence and support.
As the controlling shareholder, its planned stake increase is a direct financial action.