Tofund the acquisition Hong Kong-listed GSI said it would issue 387.4m new sharesat HKD 7.29 each to raise HKD 2.8bn ($364m).
GSI said theremainder of the proceeds would be used as general working capital and to repayoutstanding debt.
Subscribersto the share issue are China State Shipbuilding Corp (CSSC), Baosteel Resourcesand China Shipping.
The three companies arethe controlling shareholders of Longxue Shipbuilding with stakes of 60%, 30% and10% respectively.
Followingthe
