NINGBO, China (Sept. 30, 2010)—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 is Prax Capital, a China-focused private equity fund that invests in the Company through its solely owned investment vehicle Dragon State International Ltd.
Keyuan recently announced that the Company began building a styrene-butadiene-styrene production facility in Ningbo. The plant will be located adjacent to its current factory and is expected to add 70,000 metric tons to Keyuan's capacity by the end of 2011.