Jereh Oilfield Services returns funds early
Yantai Jereh Oilfield Services Group announced it has returned CNY 800 million of idle raised funds to their designated special accounts, ahead of schedule. The funds were initially approved for temporary use as working capital at a board meeting on July 12, 2024, for a period not exceeding 12 months. The actual usage period was less than 12 months. The company stated that the funds were used reasonably and did not impact the normal progress of the raised funds’ intended projects or alter their purpose. The company has notified its sponsors and sponsor representatives of the return.
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