Chinese Shipbuilder to Raise $2.6bn through Shares

20 July 2010 (Last Updated July 20th, 2010 18:30)

China Shipbuilding Industry Corporation will raise CNY17.3bn ($2.6bn) via a share placement to buy four shipbuilding companies. The company will sell 2.5 billion shares at CNY6.93 each to seven companies, including its parent. The firm said it expects to make CNY4.2bn ($619m) in n

China Shipbuilding Industry Corporation will raise CNY17.3bn ($2.6bn) via a share placement to buy four shipbuilding companies.

The company will sell 2.5 billion shares at CNY6.93 each to seven companies, including its parent.

The firm said it expects to make CNY4.2bn ($619m) in net profit and CNY52.3bn ($7.7bn) in revenue for 2010 after the transaction.

In 2009, the firm made CNY18.6bn ($2.7bn) in revenue and CNY1.5bn ($221m) in net profit, it said.