Fujian Raynen Technology (SHA:603933) will invest up to 325 million yuan to build the Jiaxing Ruineng industrial automation production base project following board approval of the move.
A total of 275 million yuan were earmarked for land use rights acquisition and plant construction, and 50 million yuan for equipment acquisition and installation, according to a Friday filing with the Shanghai bourse.
The project mainly focuses on the company's main business of industrial automation.
Shares of Fujian Raynen Technology closed 5% lower Friday.
Price (RMB): ¥14.07, Change: ¥-0.69, Percent Change: -4.67%
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