Shanghai Waigaqiao Shipbuilding (SWS) is set to become the second largest shareholder of Shandong Shipping following a major fundraising exercise by the shipowner.
Shandong Shipping, China’s third largest shipowner, will issue nearly 3bn new shares through a non-public offering, China State Shipbuilding Corp (CSSC) said in a statement.
SWS, one of the yards under the umbrella of CSSC, has agreed to subscribe to 71% of the share offering, or some 2.1bn
