Rainbow to raise funds

Shanghai: Jiangsu Rainbow Heavy Industries (RHI) has announced that the company plans to issue up to 60m shares to raise RMB64.62m.

The non-public offering is to meet the growing capital demand of the company to develop offshore engineering equipment and lifting equipment, increase investment in research and development, and help the company to become more profitable according to Rainbow.

During the first nine months of this year the company’s offshore engineering equipment business has achieved revenues of RMB25.14m. [04/11/14]

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