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Sailun to increase investment in Vietnam tire plant

Sailun Jinyu Group Co. Ltd. plans to increase its investment in a truck and OTR tire plant under construction in Vietnam by more than $140 million, according to a company filing on the Shanghai Stock Exchange.

In late 2015, Sailun Jinyu announced plans to build the plant, rated at 1.2 million truck and bus tire and 30,000 OTR tires annually. The company projected the plant would take three years to build and commission. The investment at that time was $200 million.

The company filing did not provide a status update on the plant.

With this new investment, Sailun (Vietnam) Co. Ltd., subsidiary in Gò Dầu, Tây Ninh province, will have registered capital of $220 million.

The investment is being funded by the company’s private placement in November, which raised $195 million capital.

Sourced article found here.

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