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Sinostar Pec injects 29.4m yuan into subsidiary
SINOSTAR Pec Holdings has injected 29.4 million yuan (S$6.3 million) of cash into indirect subsidiary Dongming Changshun Transport Company to be used as working capital, the producer of downstream petrochemical products announced on Monday.
The cash was paid via Sinostar Pec's wholly owned subsidiary Dongming Hengchang Petrochemical Co. The company used 27.5 million yuan of the IPO (initial public offering) proceeds it raised in 2007 and 1.9 million yuan of internal resources to fund the capital injection.
With the capital injection, Sinostar Pec has fully utilised the S$57 million of listing proceeds that it raised in 2007.