Canals News
- China's shipping container giant submits Shanghai listing application
Date: 21-Nov-2007 Sources: (People's Daily)
The world's sixth largest shipping container giant, China Shipping Container Lines Co. Ltd. (CSCL), has submitted its application to China's securities regulator to issue 2.34 billion A shares on the Shanghai stock exchange.
The China Securities Regulatory Commission will consider the application of the Shanghai-based liner affiliate of the China Shipping (Group) Company this Friday.
According to the prospectus released by the company on Monday, CSCL will issue no more than 2.34 billion A shares, which will account for less than 20 percent of the total floated equity. The company went public in Hong Kong in June, 2004.
Proceeds from the flotation will be used to buy container ships, purchase business assets and replenish capital, the company says.
CSCL currently possesses assets worth more than 30 billion yuan.
Established in 1997, the company took up 40 percent of the domestic market share and owned 151 container ships.
The UBS Securities Co., Ltd. and the China International Capital Corporation Ltd. will underwrite the issue. (One U.S. dollar equals to 7.43 yuan)
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