Zhejiang Yongjin Metal Technology Co.Ltd(603995) announced that it is planned to establish Yongjin metal technology (Indonesia) Co., Ltd. (hereinafter referred to as the “project company”) in Indonesia through the joint investment of the wholly-owned subsidiary Xinyue asset management (Singapore) private Co., Ltd. (hereinafter referred to as “Xinyue assets”) and the related party Zhejiang Qingzhan Industry Co., Ltd. (hereinafter referred to as “Qingzhan industry”), The project of processing 700000 tons of wide cold-rolled stainless steel sheet and strip per year will be constructed to meet the growing market demand in Indonesia. Among them, Xinyue assets holds 60% equity of the project company and Qingzhan industry holds 40% equity. The estimated total investment of the project is 213.254 million yuan, and the planned construction period is 2 years.
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