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Hudong plans share issue to fund new shipyards

Hudong plans share issue to fund new shipyards

Shanghai: China's Hudong Heavy Machinery Co has revealed plans to raise RMB 12bn ($1.54bn) from a share placement and will use the proceeds to fund fresh investment in shipayards and new technologies. The Shanghai-based marine engine builder plans to buy 100% of the Shanghai Waigaogiao Shipbuilding Co and CSSC Chengxi (pictured) Shipyards and 54% of Guangzhou Wenchong, according to Chinese press reports. The company plans to issue 400m shares at RMB 30 each, of which RMB 9bn will be bought by parent company China State Shipbuilding Corporation. Hudong specialises in the manufacture of main engines and spare parts for leading slow- and medium-speed diesel brands including MAN-B&W and Sulzer. Although its output is focused on the rising volume of tonnage under construction at Chinese shipyards, the company also exports to a wide range of overseas markets including Singapore, Germany, UK, US, Norway and Demark.  [31/01/07]

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