DGAP-News: Greater China Precision Components Ltd.: Proposed Expansion
(firmenpresse) - DGAP-News: Greater China Precision Components Ltd. / Key word(s):
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Greater China Precision Components Ltd.: Proposed Expansion
25.11.2013 / 14:05
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Greater China Precision Components Ltd. ('GCPC' or the 'Company'): Proposed
Expansion
SINGAPORE/HUIZHOU, 25 November 2013: GCPC (ISIN SG9999005052 / WKN A0MZS3 /
Ticker 49G)
The Board of Directors of Greater China Precision Components Limited (the
'Company'), and together with its subsidiaries (the 'Group') wish to
announce that the Group intends to construct a new production base to
expand its production capacity (the 'Proposed Expansion'). The Proposed
Expansion comprises the following:
* construction of a new factory plant;
* construction of a new hostel, and
* installation of new equipment and machinery.
The Group will invest about RMB120 million for the Proposed Expansion. The
construction work is expected to commence in December 2013 and is expected
to complete by end FY2014. The actual completion is subject to the full
installation and trial production of the new equipment and machinery.
The new production plant will be constructed on a plot of industrial land
of approximately 46,000 sqm originally reserved for future expansion and is
located about 1 km away from the existing production base.
Rationale for the Proposed Expansion
The Group's production demand has exceeded its existing production
capacity. With the expected higher demand from the existing clientele, the
Group therefore expands its production capacity facilities to cater for the
additional production volume as well as to supplement the existing
production capabilities. The Proposed Expansion is expected to increase the
production capacity of the Group by another 40% and could accommodate
another 1,500 workers on site.
Construction of Buildings
The production and hostel facilities will take up a floor area of
approximately 38,000 sqm and 11,000 sqm respectively.
The Company had carried out an open tender process with 8 prospective
contractors being shortlisted for final evaluation. After taking into
consideration of the track records, experience, costing and qualifications
of these shortlisted contractors, the building construction contract of
approximately RMB45 million has been awarded to Jiangxi Zhongsheng Jianzhu
Gongcheng Co., Ltd ('????????????').
The total building cost is about RMB65 million, which includes foundation
piling works, construction of supplementary facilities and infrastructures
as well as the abovementioned building construction.
Equipment and Machinery
An estimated RMB55 million will be further invested for installing new
production equipment and machinery upon completion of the building
construction.
Source of Funds
The total investment of RMB120 million will be funded substantially by bank
borrowings as well as internally generated source.
On behalf of the Board
Wu Baoyu
Executive Director and Chief Executive Officer
25 November 2013
End of Corporate News
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25.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Greater China Precision Components Ltd.
80 Robinson Road, #02-00
068898 Singapur
Singapore
Phone: +65 62363427
Fax: +65 62364399
E-mail: investor(at)greater-cpc.com
Internet: www.greater-cpc.com
ISIN: SG9999005052
WKN: A0MZS3
Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart;
Frankfurt in Open Market (Entry Standard)
End of News DGAP News-Service
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241511 25.11.2013
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