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HomeMaritime NewsRegionsAsiaGuangzhou Shipyard to raise $407m from new share offering

Guangzhou Shipyard to raise $407m from new share offering

Guangzhou Shipyard to raise $407m from new share offering
Guangzhou Shipyard International plans to sell new shares to its parents and other investors to raise as much as RMB2.5bn ($407m) partly to finance an acquisition. CSSC will buy at least RMB2bn worth of the new shares.

The China State Shipbuilding Corp (CSSC) unit will use as much as RMB1bn from the share placement to buy CSSC Guangzhou Longxue Shipbuilding Co from its parent and other partners, according to a stock exchange announcement. The balance will be used for working capital.

The company’s shares have been suspended since 13 May pending this announcement and returned to trading today.

Guangzhou Longxue is the largest builder of modern large ore, bulk and oil vessels in southern China, with annual capacity of 3.5m dwt.

TAGS: Finance & Insurance Shipyards
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