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China State Shipbuilding plans to raise $1 bln

Tue Jul 8, 2008 8:32pm EDT

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SHANGHAI, July 9 (Reuters) - China State Shipbuilding Co Ltd (600150.SS) said on Wednesday it plans to raise up to 7.4 billion yuan ($1.08 billion) by issuing convertible bonds and warrants. The firm aims to issue no more than 3.7 billion yuan in convertible bonds and 3.7 billion yuan in warrants, to raise funds for eight major shipbuilding projects, it said in a statement sent to the Shanghai Stock Exchange.

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The statement did not give further details or timeframe. ($1=6.857 Yuan) (Reporting by Sophie Taylor; Editing by Keiron Henderson)

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