Shanghai:
New Century Shipbuilding Co Ltd is planning to list its shares in Singapore later this year to raise up to US$1.5bn, according to chairman Yuan Kaifei.
China's largest private yard (formerly Jing Jiang Shipyard) based on the Yangtze River, would use the proceeds from the 5 - 10bn yuan (approx $750m to $1.5bn) initial public offering to improve its engineering technology and expand production capacity, Yaun said during a conference in the province of Jiangsu.
New Century chose to list in Singapore because the city-state was a global maritime hub and the market had a deep understanding of the shipbuilding industry, he said. Credit Suisse and Goldman Sachs have been appointed underwriters of the IPO. [16/06/08]
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