Yangzijiang raising $209 mil in private placement exercise

SINGAPORE (Aug 31): Yangzijiang Shipbuilding (Holdings) is placing out 137 million new shares to institutional and other investors with the help of JP Morgan (SEA) at $1.53 each to raise net proceeds of $208.8 million.

The placement price represents a discount of 4.07% to the volume weighted average price of $1.5949 for trades done on Tuesday, being the market day immediately preceding the date the placing agreement was signed.

Shares in Yangzijiang closed 2 cents higher at $1.62 on Wednesday.

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