China Shipbuilder Jiangsu Rongsheng Plans Share Sale

jiangsu rongsheng heavy industry group co., a chinese shipbuilder contracted to supply cia. vale do rio doce, plans to sell shares worth as much as $2 billion in an overseas initial public offering as early as this year. "we＇ve done the necessary preparation, so we can go forward with it whenever the market conditions are right,＇＇ chairman chen qiang said in a telephone interview. ``the ipo is a long﹣term plan for the company.＇＇  ﹔the rugao city, jiangsu province﹣based company, being advised by goldman sachs group inc., signed a $1.6 billion order with rio de janeiro﹣based vale yesterday. the yard plans to increase capacity more than fivefold to 8 million deadweight tons in three years, the chairman said, without giving details on where the ipo may take place.
a group of investors including goldman sachs last year bought a $250 million minority stake in rongsheng, chen said. the yard＇s products include 400,000﹣deadweight ton bulk carriers ａnd 100,000﹣ deadweight﹣ton capesize carriers, used for iron ore, he said.
 ﹔rongsheng yesterday signed an order to deliver 12 ships to vale ｆrom early 2011 through the end of 2012, chen said.