Monday, June 16, 2008

New Century plans 2008 IPO in Singapore

New Century Shipbuilding Co Ltd is planning to list its shares in Singapore later this year to raise up to US$1.5bn, according to chairman Yuan Kaifei.

China's largest private yard (formerly Jing Jiang Shipyard) based on the Yangtze River, would use the proceeds from the 5 - 10bn yuan (approx $750m to $1.5bn) initial public offering to improve its engineering technology and expand production capacity, Yaun said during a conference in the province of Jiangsu. New Century chose to list in Singapore because the city-state was a global maritime hub and the market had a deep understanding of the shipbuilding industry, he said.

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