Keyuan raises $20 million in private placement

ERJ staff report (DS)

Ningbo, China -- Keyuan Petrochemicals, Inc. said it has closed a private placement of $20.3 million to fund the purchase of raw materials for its petrochemical production facility. The lead investor was Prax Capital ("Prax"), a China-focused private equity fund that invests in the Company through its solely owned investment vehicle Dragon State International Limited.

Keyuan recently announced that the Company commenced construction of the first Styrene-Butadiene-Styrene ("SBS") production facility in Ningbo, Zhejiang Province on September 1st. The new SBS facility will be located adjacent to its current production facility and is expected to add 70,000 metric tons to Keyuan's production capacity by the end of 2011.

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Press release from Keyuan