Shanghai: Shanghai-listed domestic dry bulk shipping company Zhongchang Marine has said that it plans to borrow RMB300m ($48.3M) from Shanghai Taici Investment over a period of six months. The loan will be used to replenish working capital.
The company also applied with China Securities Regulatory Commission in April to issue new shares to raise funds. The application is currently pending approval.
Zhongchang Marine is expected to register a second consecutive loss of RMB81.24m ($13.1m) for the year 2014, following an RMB81.2m ($13.08m) loss in 2013. According to local stock exchange rules, the company’s stock will be facing trading limitations.