Bluestar Adisseo completes A-share issuance, raises nearly 3 bn yuan

Bluestar Adisseo Company (SSE:600299) announced the successful completion of its A-share issuance to specific subscribers. The offering of 397,877,984 A-shares at a price of 7.54 yuan per share raised a total of 2,999,999,999.36 yuan. After deducting issuance-related expenses, the net proceeds amounted to 2,983,875,106.46 yuan. The company intends to promptly process the registration and custody of the newly issued shares.

The funds raised will augment Bluestar Adisseo's total assets and net assets, reducing its asset-liability ratio and optimizing its capital structure. The proceeds will be allocated to strategic projects that align with national industrial policies and the company's overall development, enhancing its competitive advantage and profitability without altering the existing business structure or control.

The company's board of directors has also approved the use of up to 2.1 bn yuan of temporarily idle raised funds for cash management, investing in low-risk, principal-protected wealth management products with maturities not exceeding 12 months. This initiative aims to optimize capital utilization and improve short-term financial returns, while ensuring the safety and liquidity of the funds.