Zhejiang Glass Company, the province's largest privately-owned manufacturer of flat glass, said yesterday that it will spend 300 million yuan (US$36.1 million) in the second half on an alkaline project.

The whole project will need a total investment of 800 million yuan (US$96.4 million), Chief Financial Controller Christofer Cheng said.

Cheng said the company has yet to decide how to fund the project.

Its total capital expenditure for the second half of the year is estimated to be about 400 million yuan (US$48.2 million).

At the end of the first half, the firm had cash on hand of 149.7 million yuan (US$18.04 million), while outstanding bank loans amounted to 317.5 million yuan (US$38.3 million). The company's gearing ratio stood at 18 per cent.

Chairman Feng Guangcheng also revealed yesterday plans to personally invest in a number of cement projects. The investments are not related to the company and he has no intention to dispose of his interest in the glass manufacturer.

The firm, which posted strong first half profit last week, reported a 28 per cent increase in its sales of flat glass that amounted to 308.6 million yuan (US$37.2 million) in the first six months. The average selling price of flat glass saw a rise of 1.79 per cent, at 57 yuan (US$6.9) per weight case.

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