China's Ministry of Environmental Protection has decided to publish the environmental protection inspection report relating to Chinese pipemaker Tianjin Pipe (Group) Corporation's listing on the Shanghai Stock Exchange, issuing details regarding the company and its listing.
The inspection report states that Tianjin Pipe (Group) Corporation is a national key project, being the largest professional seamless steel pipe producer in China. Tianjin Pipe includes the parent company and 24 subsidiaries. 17 subsidiaries are located in China, of which 15 are located in Tianjin, one in Hebei and one in Jiangsu. Seven subsidiaries are located abroad, in locations such as Singapore, US, UAE and Hong Kong.
The company plans to issue no less than 2 billion Class A shares, expecting to raise RMB 6.24-6.74 billion (about $914-987 million) in funds. The money raised will be used for product structure adjustment, for investment in subsidiary company Tianjin Tianguan Taigang Welded Tubes Company in terms of its welded tube production site construction (phase 1), and to reinforce cash flow or reimburse bank loans.