China Shipbuilding Industry Group Power's Ends Convertible Bond Issuance Plan For Stake Acquisition

MT Newswires Live09-15

China Shipbuilding Industry Group Power (SHA:600482) terminated plans to issue convertible bonds as part of a payment for the acquisition of a stake in China Shipbuilding Industry Corporation's (SHA:601989) unit, according to a Shanghai bourse disclosure on Saturday.

The Chinese shipbuilding conglomerate's shares rose less than 1% at the close of Monday's trade.

The proceeds from the supposed convertible bonds, along with cash, were supposed to be used to acquire a 16.5% equity in CSIC Diesel Engine.

The termination was decided due to changes in the external environment.

China Shipbuilding Industry Group's stake in CSIC Diesel Engine remains at 51.9% after the termination.

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