Greater China

CSIC arms itself with RMB8.48bn cash raising exercise

Beijing: After nearly four months’ stock suspension, the state-owned China Shipbuilding Industry Co (CSIC) plans to raise up to RMB8.48bn through a private share sale to buy assets for military equipment and funding projects.

The company will offer as many as 2.2bn shares in a private placement for no less than RMB3.84 each to as many as 10 selected investors including Wuchang Shipbuilding and Dalian Shipbuilding, and will purchase assets including some from its parent, according to the company’s statement.

It is the first time China is tapping into the A share market to fund its military sector, the company said. [11/09/13]

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