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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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