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Yangzijiang Shipbuilding to issue shares in Singapore

(China Daily)
Updated: 2007-03-29 13:38

Yangzijiang Shipbuilding (Holdings) Ltd, a Chinese builder of container ships, and existing shareholders may raise as much as S$943.5 million ($622 million) in a Singapore initial public offering.

Yangzijiang Shipbuilding is selling about 993.2 million shares, a 30-percent stake, at S$0.70 to S$0.95 apiece, according to Bloomberg, citing a term sheet e-mailed to fund managers.

About two-thirds of the shares on offer are new. Yangzijiang's share sale may become the second-largest initial public offering in Singapore since at least 1998, according to data compiled by Bloomberg. Thai Beverage PCL completed a $979 million offering last May.