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China Shipping Group (CSG) plans to raise at least CNY1.03 billion (USD166 million) by disposing its shareholdings in Shanghai-listed China Shipping Haisheng, a Hainan-based bulker operating subsidiary of the group.
CSG plans to dispose a total of 82 million shares in China Shipping Haisheng by a public tender at a knockdown price of CNY12.55 per share, a stock filing of China Shipping Haisheng said on 26 May.
The shares make up 14.11% of China Shipping Haisheng’s share capital. After the planned deal, CSG will hold 77.8 million shares in the company, making it the second largest shareholder.
The potential purchaser of the shares in China Shipping Haisheng should pay cash to the group.
In addition, China Shipping Haisheng plans to raise as many as CNY2 billion in a private placement to pay back debts. The 10 potential subscribers in the private placement are not involved in the shipping industry, nor will the private placement lead to an asset restructuring in the industry, the company added.
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This post was sourced from IHS Maritime 360: View the original article here.
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