The register capital of JUSHI Egypt is 67 million dollars, and the fund of production line of soda free fiberglass direct-melt project will be solved by JUSHI Egypt’s equity fund and loan from banks. It is said that after the project is finished, the predicted annual sales revenue will be about RMB 554million, annual total average profit will be RMB 201,94million. Last year, China fiber glass net profit of was RMB 206 million.
The project will be constructed in this year and will take 15 months. “ after the comprehensive investigation, demonstration, field study and comparative analysis, we think Egypt have advantages in political environment, economic environment and resources, it is suitable for investment” said the company. The company have submitted the investment project application document for the relevant government and is waiting for the approval.
It is showed that China Fiberglass holds 51percent shares of JUSHI Group, while China National Building Materials Co., Ltd. holds 36.12percent shares of China Fiberglass.
By the end of 2010, JUSHI Group has RMB 15.062 billion total assets recorded, RMB 1,543,44 billion total liability, RMB 3,518,88 billion net assets. The net profit of 2010 was RMB 178,4 billion, asset-liability ration was 76.64 percent.
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