Jingyuan International: Intends to Acquire Egyptian Land for $30.4 Million

Jingyuan International Announcement: The company's wholly-owned subsidiary, Crystal Egypt Industries, has signed a land reservation form with SID - New October to acquire an 800,000 square meter plot of land in New October City, Egypt for 30.4 million US dollars. The land will be used for the construction of production plants and supporting facilities to increase the capacity of the clothing and fabric business. The acquisition is subject to approval by the Egyptian government and the funding will come from internal resources of the group.