Hong Kong: China’s largest private shipbuilder, China Rongsheng Heavy Industries, has announced that the company plans to issue HK$1bn of convertible bonds due 2016.
The company expects to raise approximately HK$992.5m net proceeds from the bonds issue, with HK$385.2m to will be used for general working capital and HK$607.3m to be used for repayment of medium term bank borrowings of the group.
The board believes that the funds will facilitate the overall development of the group, Rongsheng said in a statement. [10/03/14]
