CSC Phoenix looks to raise $25m

Shenzhen: A listed dry bulk division of Sinotrans & CSC, CSC Phoenix, is looking to raise up to $25m by selling 73m shares. The money will pay back debts. The shares will be sold by tender on September 3. CSC Phoenix saw its shares suspended on the Shenzhen Stock Exchange last December following years of big losses. It claims it is set to record an interim profit for the first half of this year following huge restructuring which has seen many ships sold and staff made redundant.  [18/08/14]

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