China Shipbuilding Industry Lowers Scale of Its Private Placement

China Shipbuilding Industry reduced the scale of its private placement, from issuing one billion shares at 12.44 yuan per share, to the placement of 962 million shares at 11.96 yuan per share, reports stcn.com, citing a company filing.

The company’s parent, China Shipbuilding Industry Corporation (CSIC), committed to subscribe to 10 percent of the total shares offered. Of the 11.5 billion yuan (1.7 billion USD) to be raised, 3.62 billion yuan will be spent to acquire stakes in seven companies affiliated to CSIC, 4.42 billion yuan will be invested to expand capacity, and 3.45 billion yuan will be used for working capital.

(capitalvue)

[mappress]

Source: capitalvue, June 7, 2011; Image: CSIC