Hong Kong: China Rongsheng Heavy Industry announced that the company has conditionally agreed to issued HK$1.4bn convertible bonds due 2016.
The estimated net proceeds from the issue of the Convertible Bonds, after deduction of commissions and expenses, would be approximately HK$1.379 billion, which will be used for working capital and general corporate purposes, in particular, to support the Group’s strategic development in the offshore engineering business.
Wang Jinlian, the secretary general of CANSI, has joined Rongsheng as an independent non-executive director, as predecessor Zhang Xusheng resigned on 31 July. [08/01/13]
