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27 Sep 2011 08:45
27 September 2011 |
Dongfang Shipbuilding (Group) Company Limited
("Dongfang" or the "Group")
Equity issue
Dongfang (AIM:DFS), the international shipping company and shipbuilder, is pleased to announce that it has raised £1.8million by means of a placing of 4,767,711 new ordinary shares in the Company at 38p per share ("the Placing Shares") with a single investor, representing 2.45 per cent. of the Company's enlarged issued share capital. The placing price represents a premium of 76 per cent. over the closing middle market price on 26 September 2011.
The proceeds of the placing will be invested in the Group's working capital.
Application has been made for admission of the Placing Shares to trading on AIM ("Admission"). Admission is expected to occur on 3 October 2011. The Placing Shares will rank pari passu with the existing ordinary shares.
Following Admission, there will be 194,767,711 ordinary shares in issue. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
Following Admission, Mr Chen Tongkao is interested in 70.02 per cent. of the enlarged issued share capital of the Company.
- Ends -
For further information:
Dongfang Shipbuilding | |
Chen Tongkao, Chief Executive Officer | |
ctk@dongfangship.com.cn | www.dongfangship.com.cn |
AKM Ismail, Finance Director | Tel: +44 (0) 7786 712 459 |
Northland Capital Partners Limited | |
Luke Cairns / Edward Hutton | Tel: +44 (0) 20 7796 8800 |
Media enquiries:
Abchurch Communications Limited | |
Joanne Shears / Quincy Allan | Tel: +44 (0) 20 7398 7709 |
joanne.shears@abchurch-group.com | www.abchurch-group.com |
About Dongfang
With two shipyards in key shipbuilding regions in China, Dongfang is a leading manufacturer of multi-purpose container ships and chemical tankers.
The Group owns and operates two ship yards; one in Yuenqing City, Zhejiang province, and a new yard in Anqing, Anhui province which was established in 2007, giving the business capacity for considerable growth. Across the two shipyards, the Group occupies 814,000 sq. m. of land along 2,400m of usable coastline.
Dongfang's expertise are focused on the construction of ships between 3,000 DWT to 50,000 DWT size vessels such as chemical tankers, container vessels, multi-purpose cargo vessels and bulk vessels. In addition to this well established shipbuilding business, Dongfang operates a shipping charter business through its subsidiaries in Hong Kong and Singapore. The shipping business focuses on delivering specialised cargo such as wind turbines and chemical products, which would ordinarily be difficult and costly to ship.
Dongfang was established in 1986, and is now one of the Top 500 Chinese Machinery Enterprises.
For more information, please see: www.dongfangship.com.cn
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