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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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