Beijing: In what is bound to be a heavily oversubscribed offering China Shipbuilding Industry Corporation (CSIC), one of the two largest shipbuilding companies in China, will get listed in the A-share market within 2007.
The shipbuilding giant plans to issue 1.6 billion shares to raise CNY 6 billion to CNY 7 billion. It is now restructuring its assets of 16 subsidiaries, which will be integrated into a new company, China Shipbuilding Industry Co., Ltd. for listing. The new company will have a registered capital of CNY 4 billion.
CSIC is the state run northern umbrella group of yards.
The shipbuilder's total assets exceeded CNY 130 billion and its total output value amounted to over CNY 60 billion in 2006 with net profits reaching CNY 2.5 billion.
The company has one third of the market share in China's shipbuilding industry and 6% of in the world. Its shipbuilding capacity is estimated to reach 10 million dwt with over CNY 120 billion production value annually in 2010. [17/07/07]
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