CIMC to raise $928m for expansion

CIMC to raise $928m for expansion

China International Marine Containers (CIMC) has announced that the board has approved the proposal to issue new shares to raise RMB6bn ($928m) capital.

The company said the raised fund will be used as additional capital investment in the areas from R&D, production, supply chain, marketing to global expansion to better promote the business development of the company and cope with the industry cyclical fluctuations.

CIMC plans to inject RMB2bn ($309m) of the raised capital into CIMC Financial Leasing, to support its expansion. It will also invest RMB100m into its recently established subsidiary CIMC Multimodal Transport Development.

CIMC reported a net profit of RMB1.97bn ($305m) for the year 2015, down 20% year-on-year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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