China Shipbuilding Industry Company Limited announced that it November 24 received a reply by the State owned Assets Supervision and Administration Commission forwarded from controlling shareholder China Shipbuilding Industry Corporation which says the Shanghai traded company is permitted in principle to issue convertible corporate bonds.

An earlier announcement the company released showed that it was set to offer not more than CNY 8.05 billion convertible corporate bonds and buy equities the controlling shareholder owned in seven subsidiaries with CNY 3.63 billion in financing.

Moreover, the company was also set to invest at most CNY 4.419 billion of financing in 11 projects like ship and ocean engineering equipment industry capacity construction, ocean engineering and large vessel modification, repair and disassembly capacity construction and energy and environmental protection equipment and engineering machinery decelerator manufacturing.

(Source from Sino Cast)