Foton Steps up Capital in Foton Cummins with 600 Million Yuan
www.chinatrucks.com: Foton announces on October 28 that it will increase capital in Beijing Foton Cummins through cash in two phases: phase one 300 million yuan and phase two 304 million yuan. Another share holder Cummins will also increase capital based on its proportion. Currently, Foton hold 50 per cent share in Beijing Foton Cummins. The capital increase will not affect the share structure.
In 2012, Foton Cummins sold 75,300 units with sales revenue of 2.073 billion yuan and net profit 67.26 million yuan. Since the beginning of 2013, Foton Cummins maintains a rapid development. By the end of August, the company has sold 68,200 units with revenue of 1.828 billion yuan and total net profit 155 million yuan.
After the capital increase, Foton Cummins will expand a new diesel engine project with an investment of 1.208 billiono yuan which is expected to start in 2015 and complete construction within 18 months.
Foton board of directors passes the proposal of Weifang plant phase two project, which means they agree to invest 1,879,650,000 yuan to establish Shandong Multi-use Vehicle Plant’s Light Bus project (tentatively).
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