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CSCL announces post-IPO expansion plan

Shanghai: China Shipping Container Lines plans to launch a massive fleet expansion with the money raised from its IPO on the Shanghai stock exchange in early December, reports the China Internet Information Center. The company is said to be planning to offer 2.34 bn denominated A shares on the December 6, to raise the funds to build 16 container vessels (for about $1.18bn), buy container-related assets from its parent (for about $270.4m) and shore up working capital and repay bank loans ($162.2m), according to its prospectus.

CSCL currently operates a fleet of 155 vessels with a total operating capacity of 452,580teu.  [28/11/07]

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