On July 31, China State Shipbuilding Corporation announced that the company has successfully raised a total of 3.866.8 billion yuan from 11 investors.
So far, the nearly three-year project of CSSC’s market-oriented debt to equity swap and major asset restructuring and raising matching funds has been successfully completed.
The restructuring has introduced 16.89 billion yuan of market-oriented debt to equity swap funds and raised 3.866 billion yuan of matching funds, bringing in more than 20.756 billion yuan of funds for listed companies, and the scale of assets involved in the transaction reached 37.368 billion yuan.
Through this major asset restructuring, the core ship business of CSSC, such as Jiangnan Shipbuilding, was integrated into the listed companies, and more than 20 billion funds were raised.
This asset restructuring will reduce the asset liability ratio of member enterprises, help the entity member enterprises to develop in high quality, improve profitability and repay all shareholders.
Source: Sarah Yu, XINDE MAIRNE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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