NEEQ-listed Nanjing Shenghang Shipping has announced a fund raising plan under which it will raise up to RMB112.6m ($16.4m) through issuing new shares to a group of specific investors.
Shenghang Shipping will use the proceeds to fund the acquisition of a chemical tanker and replenish working capital.
In January, Shenghang Shipping announced a plan to acquire two chemical tankers, Yong Sheng Hua 7 and Yong Cheng 58, from Zhoushan Yongsheng Shipping and Zhoushan Yongcheng Shipping respectively.
Nanjing Shenghang Shipping is an affiliate company of Nanjing Refinery Company and mainly operates chemical shipping on Yangtze River and domestic coastal regions. It currently owns a fleet of 11 tankers with total capacity of 55,000dwt.