Foton Increases Investing 600m Yuan to Foton Cummins
2013-11-04 Source： www.chinabuses.org
Summarize：On Oct. 28th of 2013, Foton announced that it would increase investment to Foton Cummins Engine in two times. First is 300 million Yuan followed by the second 304 million Yuan, which is 604 million Yuan. And the other shareholder of Foton Cummins—Cummins, would increase its investment by the same proportion. At present, Foton holds a half of stock rights of Foton Cummins, which would remain the same in the stock right structure after increasing investment.
www.chinabuses.org: On Oct. 28th of 2013, Foton announced that it would increase investment to Foton Cummins Engine in two times. First is 300 million Yuan followed by the second 304 million Yuan, which is 604 million Yuan. And the other shareholder of Foton Cummins—Cummins, would increase its investment by the same proportion. At present, Foton holds a half of stock rights of Foton Cummins, which would remain the same in the stock right structure after increasing investment.
In 2012, Foton Cummins achieves sales of 75,300 engines and 2.073 billion Yuan. The profit was 67.26 million Yuan. Since 2013, Foton Cummins engines have kept rapid increasing. By the end of August of this year, accumulative sales volume of engine is 68,200 units and the sales revenue is 1.828 billion Yuan. The profit is 155 million Yuan.
After increasing investment, Foton Cummins plans to proceed with the new diesel engine project, which would need investment of 1.208 billion Yuan. This project plans to be in building since 2015 and is to be completed in 18-month complementation.
Foton board of directors passes the bill of the second building period of Weifang Automotive Plant, which means that it would invest 1.87965 billion Yuan to construct light bus project in Shandong Multifunctional Automotive Plant (working title).
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