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Shenzhen's China International Marine plans US$928 million share sale
SHENZHEN's China International Marine Containers (CIMC), the world's largest shipping container maker, hopes to raise CNY6 billion (US$928 million) in a share sale, reports Bloomberg News.
CIMC will sell yuan-denominated stock to a maximum of 10 investors, it said in a filing April 9. The money will be used to fund the development works of CIMC's financial-leasing arm.
CIMC's expansion of diversified businesses comes during a global slump in container shipping rates and overcapacity in the sea-freight market.
Shipping lines worldwide have been selling assets and exploring consolidations to stem losses as the fees they charge customers plunged after years of slowing trade and overcapacity.
The company counts China Merchants Group and Cosco Container Industries among its biggest shareholders.
CIMC will sell yuan-denominated stock to a maximum of 10 investors, it said in a filing April 9. The money will be used to fund the development works of CIMC's financial-leasing arm.
CIMC's expansion of diversified businesses comes during a global slump in container shipping rates and overcapacity in the sea-freight market.
Shipping lines worldwide have been selling assets and exploring consolidations to stem losses as the fees they charge customers plunged after years of slowing trade and overcapacity.
The company counts China Merchants Group and Cosco Container Industries among its biggest shareholders.
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