China Shipbuilding Industry Co.(CSIC), one of the two largest shipbuilding conglomerates in China, announced on Wednesday that the company is planning to raise up to $1.39 billion in a share sale. The funds will be used to purchase of assets for military-equipment assembly, as well as technology upgrades.
The state-owned military shipbuilder’s fundraising plan comes as China steps up its effort to build the country into a maritime power to safeguard its maritime rights and interests, reports DowJones.
The company said in a filing to the Shanghai Stock Exchange that it plans to issue up to 2.208 billion new shares to no more than 10 selected investors, at a price of no less than CNY3.84 a share. The proposal is subject to regulatory and shareholder approval, it said.
[mappress] Source: 4-traders, September 11, 2013