SIPG plans to raise $1.57bn

SIPG plans to raise $1.57bn

Shanghai International Port Group (SIPG) has announced that the board has approved a proposal to issue up to RMB10bn ($1.57bn) worth of bonds.

The bonds will be issued in two phases. The first phase will issue RMB4bn ($630m) and the rest will be issued according to the company’s financing demand.

SIPG said the raised funds will be used to repay bank loans and replenish working capital.

SIPG reported a net profit of RMB3.1bn ($488m) in the first half of this year, up 5.65% year-on-year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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