stock News: CG Tech to build new 135 mln yuan plant!

CG Technologies Holdings Ltd said it will build a new production facility in Longyan City in Fujian province, China at a cost of 135 mln yuan. It said the project is being undertaken to expand its compact combed yarn production. Its unit, Longyan CHGU Textile Co Ltd, will buy a 33,300-square-meter piece of land on which the plant will be built and will undertake the production expansion. CG Tech said construction of the new plant, which will have annual production capacity of about 7,000 tons of compact combed yarn products, will start this month and is expected to be completed by end-2007.