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.