Ruitai Materials Technology (002066.SZ) said Thursday it will invest US$7.04 million (RMB47.9919 million) in cash to set up a joint venture fireproof material company with Rongyao Group, a Henan province-based material maker, the Securities Times reported. Henan Ruitai Fireproof Materials will have US$11.74 million (RMB80 million) in registered capital, 59.99% of which is held by Ruitai Materials. Rongyao will inject premises and other manufacturing equipment for its 40.01% stake.

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