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China Communications Con may issue shrs to cut debt

Wed Apr 15, 2009 12:29am EDT

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HONG KONG, April 15 (Reuters) - China Communications Construction (1800.HK), the country's top builder of highways and ports, said on Wednesday it may issue new shares to lower its debt level.

"It will depend on the situation of the capital to study the possibility of the issue of shares to cut debt," Chairman Zhou Jichang told reporters.

He also said the company was considering the issue of A-shares on the mainland.

China Communications, which competes with China Railway Construction (1186.HK) and China Railway Group (0390.HK), reported on Tuesday an 18 percent rise in net profit of 3.88 billion yuan ($568 million) for the six months ended December as margins improved on lower raw-material prices. (Reporting by Alison Leung; Editing by Jacqueline Wong)



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