China National Software to Issue RMB 400 Mln Shares

National Business Daily, 12/16/08

Chinese software developer China National Software & Service (ChinaSoft or CS&S) (600536.SH) has announced plans to issue approximately 64 mln non-public domestic A-shares to China Electronics Corporation (CEC) for a price of RMB 400 mln. CEC will purchase the shares with cash for a price of RMB 6.21 each.

The funds will be spent on a number of areas, including: RMB 100 mln to increase CS&S's investment in China Standard Software (CS2C), RMB 50 mln for R&D and industrialization of fundamental software application platforms, RMB 70 mln for R&D and industrialization of a disaster assessment platform based on system simulators, RMB 70 mln for R&D and industrialization of automatic toll collection systems for rail transport, and RMB 40 mln for R&D and industrialization of network security products. The remaining RMB 70 mln will be used to replenish the company's working capital.

Keywords: financing 600536.SH CEC CS&S CS2C investment R&D software

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