Thursday, June 23, 2011

CSIC gets OK on stake acquisition

China Shipbuilding Industry Co, a major producer of large marine diesel engines, said it won approval from the State-owned Assets Supervision and Administration Commission to acquire stakes in seven subsidiaries belonging to its parent, China Shipbuilding Industry Corporation (CSIC).






The listed company will raise up to 11.5 billion yuan from a private placement of a maximum of 962 million shares at not less than 11.96 yuan per share.



The parent will subscribe to 10 percent of the total size of the private placement.



China Shipbuilding Industry Co will use 3.6 billion yuan of the total funds raised on the stake purchases.





Published : June 23, 2011



Source: Asiasis

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