Chinese state-run shipping firm Shandong Shipping has announced plans to issue 90.9m new shares to a strategic investor, raising round RMB100m ($14.5m).
The new shares will represent around 2.94% of the company’s total shares.
The company plans to use the proceeds from the new share issue to scale up its operations and increase general working capital.
Shandong Shipping terminated its listing on the National Equities Exchange and Quotations (NEEQ) in March and is currently planning an overseas listing.
Earlier this year, the company set up a bulker joint venture with ICBC Leasing and an asset management joint venture with Eddie Steamship.
Shandong Shipping currently owns a fleet of 17 vessels with another 13 newbuildings under construction.