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CSIC eyes $587m from share sales

China Shipbuilding Industry Corp (CSIC) has proposed to raise up to RMB3.9bn ($586.3m) from the sale of a maximum of 718m shares in an attempt to lower its debts.

Lee Hong Liang, Asia Correspondent

June 29, 2016

1 Min Read

Kalyakan - stock.adobe.com

The shares are proposed to be sold at a price of RMB5.43 per share to three investors, including its controlling shareholder.

CSIC said in a statement to the Shanghai Stock Exchange that the entire RMB3.9bn to be raised will go toward repaying debts.

Amid the downturn in the shipbuilding sector, CSIC has initiated an internal reorganisation by consolidating its various subsidiary yards so as to utilise resources more efficiently and reduce operating costs.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

See more from Lee Hong Liang

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