CSIC, CSSC Dismiss Shipbuilder Merger Rumors
China's state-backed shipbuilding giants said they have not received any merger-related information from authorities, after an executive swap between the firms sparked a market rally in their shares. The pair are the latest state firms to see merger rumours trigger jumps in their share prices, as investors expect the government to unleash a fresh round of industrial consolidation as part of reform of its state-owned enterprises. Shares in China CSSC Holdings Ltd and China Shipbuilding Industry Co Ltd (CSIC) reached their 10 percent trading limit on Thursday after their parent firms announced that CSSC chairman Hu Wenming will now head CSIC among other management changes.
China Shipbuilding Industry Corp. to Raise Cash
China Shipbuilding Industry (CSIC) plans to issue RMB 1-billion in sale of unsecured medium term notes According to a 'China Knowledge' report, China Shipbuilding Industry Corp or CSIC, the parent of China Shipbuilding Industry Co Ltd<601989 >, has said that it plans to issue RMB 1 billion worth of unsecured medium-term notes with a maturity of five years on the interbank market on Jun. 28. Proceeds from the offering will be used to replenish the company’s working capital.
