Lugang Culture (601599): Return The Fund When It Is Due, And Plan To Continue To Use Idle Fund-Raising To Temporarily Supplement The Working Capital

Lugang culture (601599. SH) announced that on March 10, 2020, with the consent of the 27th meeting of the 4th board of directors and the 21st Meeting of the 4th board of supervisors, the company will use some idle raised funds of RMB 116 million to supplement the working capital of the company according to the relevant provisions on the use of raised funds, and the service life shall not exceed 12 months from the date of approval by the board of directors of the company. As of February 25, 2021, the company has returned a total of 116 million yuan raised funds temporarily used to supplement working capital to the special account for raised funds. The company does not return the raised funds when due.

In order to strengthen the company's internal fund dispatching management, improve the efficiency of fund utilization, reasonably allocate the company's idle funds and reduce financial expenses, the company has decided to temporarily use 90 million yuan of idle raised funds to supplement the company's working capital temporarily, and the service life shall not exceed 12 months from the date of approval by the board of directors of the company.