Singapore IPO delay
By Ding Yining |
May 6, 2010, Thursday
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Print Edition
Print Edition
A Chinese shipbuilder has canceled its initial public offering in Singapore after one of its units was reportedly engaged in a lawsuit.
Jiangsu-based New Century Shipbuilding said it is reviewing the situation and will consider restarting the IPO in the near future, according to a statement to the Singapore Exchange's Website.
The shipbuilder was set to sell 560 million shares to raise US$483 million yesterday, which would have been the largest IPO by a Chinese company in Singapore this year.
A subsidiary of New Century is in a lawsuit over two bulk carriers worth US$180 million, Singapore's Business Times reported yesterday.
Jiangsu-based New Century Shipbuilding said it is reviewing the situation and will consider restarting the IPO in the near future, according to a statement to the Singapore Exchange's Website.
The shipbuilder was set to sell 560 million shares to raise US$483 million yesterday, which would have been the largest IPO by a Chinese company in Singapore this year.
A subsidiary of New Century is in a lawsuit over two bulk carriers worth US$180 million, Singapore's Business Times reported yesterday.
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