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China Railways offers private share placement
By Pan Xiaoyi |
March 4, 2010, Thursday
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Online Edition
Online Edition
CHINA Railway Construction Corp said today it plans to raise up to 8 billion yuan (US$1.2 billion) through a private placement to better structure its business.
The dual-listed company will sell as many as 1.035 billion A shares at no less than 7.74 yuan each. No more than half of the amount will be issued to its parent in cash and assets, which will allow the company to acquire certain assets that were not transferred to it upon the initial public offering, according to a statement it filed to Shanghai Stock Exchange.
Some major projects were not included in the dual listing in the first half of 2008 because they were at an early stage and not able to generate profits. Now these are mature enough to bring profits soon or already be profitable, according to the company.
The remaining proceeds will be mainly used in projects involving investments, developments and operations to cushion volatility in the construction industry, the company said.
The dual-listed company will sell as many as 1.035 billion A shares at no less than 7.74 yuan each. No more than half of the amount will be issued to its parent in cash and assets, which will allow the company to acquire certain assets that were not transferred to it upon the initial public offering, according to a statement it filed to Shanghai Stock Exchange.
Some major projects were not included in the dual listing in the first half of 2008 because they were at an early stage and not able to generate profits. Now these are mature enough to bring profits soon or already be profitable, according to the company.
The remaining proceeds will be mainly used in projects involving investments, developments and operations to cushion volatility in the construction industry, the company said.
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