Bowe Alloy (601137.SH) plans to invest and construct a production base in Morocco with a budget not exceeding USD 150 million.

Zhtng Cijng APP News, Bowei Alloy (601137.SH) announced that the Board of Directors of the company has approved the proposal to terminate the establishment of a wholly-owned subsidiary in Vietnam and the investment in the construction of a production base. It was decided to terminate the implementation of this project. As of now, the subsidiary has not been established and the project has not started construction. On the same day, the Board of Directors of the company approved the proposal to establish a wholly-owned subsidiary in Morocco and invest in the construction of a production base. The company plans to invest no more than 150 million US dollars in Morocco to build a production base, with an annual production capacity of 30,000 tons of special alloy electronic material strip projects; and to establish a wholly-owned subsidiary, Bowei Alloy New Materials (Morocco) Co., Ltd. (tentative name) as the implementing entity.