Shanghai: China-based shipbuilder JES International Holdings (JES) has announced that it is to launch an initial public offering on the Singapore stock exchange by the end of this year, reports Reuters. The company, which owns a shipyard (pictured) at Jiangsu province's Shiwei Port, hopes to raise between $200-250m from the listing that will be used to expand production and minimise its current debts.
On its website, JES says that it plans to expand its facilities onto a plot adjacent land, "As part of our business strategy, we plan to increase our production capacity by expanding our shipyard through the construction of a 400x140mtr dry dock, a 84,000 sq mtr hull steel structure shop and auxiliary facilities, one 1,200 tonne and two 400 tonne gantry cranes and other lifting equipment."
According to a prospectus published by JES, the yard's orderbook reached $1.03bn half way though this year, a figure it hopes to improve upon next year. The yard, which has been in operation for the past 30-years builds bulk carriers, containerships and ocean engineering vessels. [14/11/07]
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