Greater ChinaShipyards

CSIC to raise $588m in share issue

China Shipbuilding Industry Corporation (CSIC), one of the two state-run shipbuilding conglomerates in China, has announced that it plans to raise RMB3.6bn ($588m) through non-public share issue.

CSIC said the new share issue has been approved by the state council and proceeds will be used to repay debts. The company said it hopes to ease financial pressures through the fund raising.

CSIC currently has total liabilities of RMB130.6bn, and its asset to liability ratio has reached 69.1%. It also has an annual interest expenditure of up to RMB2.5bn.

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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