Chinese dry bulk carrier owner Fujian Guohang Ocean Shipping (Group) has raised CNY40 million (USD6.5 million) in a private placement to replenish its working capital.
Fujian-based Lianjie Investment Group, which owned 2.5% of Fujian Guohang before the private placement, subscribed in June for 20 million shares of Fujian Guohang at CNY2 per share, a regulatory filing of Fujian Guohang said. After the completion of the deal, Lianjie Investment owns 6.9% of Fujian Guohang.
In 2014, Fujian Guohang sank to the red with a loss of CNY219.8 million as its operating cost rose 8% year on year (y/y) to CNY1.3 billion. Its revenue in 2014 slipped 4% y/y to CNY1.3 billion.
In 2013, the company booked a CNY24.0 million profit.
Fujian Guohang was listed on the National Equities Exchange and Quotations in China on 4 August, which allowed shares in the company to be transferred to investors in agreements.