Asia

Further cash raising for Yangzijiang

Singapore: In further cash raising mode Singapore-listed Yangzijiang Shipbuilding has is aiming to raise RMB92.17m from a warrant issue.

330m warrants will be issued at an issue price of RMB0.3072, with each warrant allowing the subscription of one new ordinary share at a price of RMB7.617 for each new share. The warrants expire on 29 April 2016 if not exercised.

“With the expectation that the market conditions of the shipping industry will improve gradually over the next few years, the board believes that the net proceeds from the warrant issue will further strengthen the working capital of the company and the proceeds arising from the exercise of the warrants will enhance the capital base of the company and provide additional financial flexibility to the group to facilitate the group's future market expansion and explore potential development opportunities which may be brought to its attention,” Yangzijiang said.  [16/01/13]

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