Sinotrans issues shares for expansion
Sinotrans Shipping Ltd. will raise about $1.5 billion in an initial public offering of shares, about 35 percent stake in the company.
In reporting the IPO of shares, which will be listed in Hong Kong, the Bloomberg news service said it was the second largest by a Chinese shipping company since 1999, exceeded only by this summer’s $2 billion secondary offering of shares by China COSCO Holding.
Sinotrans plans to use funds to build new ships or make acquisitions