Zhongchang to raise RMB900m

Shanghai: Shanghai-listed Zhongchang Marine has announced that the company plans to issue 118.42m shares to raise up to RMB900m. San Sheng Hong Ye, the parent company of Chongchang Marine will purchase 39.47m shares.

RMB700m of the funds will be used for repaying bank loans and the remaining will be used for replenishing working capital.
Zhongchang Marine reported a net loss of RMB52.2m for the first half of this year. [09/12/14]

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