China shipbuilder plans Singapore listing

Yangzijiang Shipbuilding, one of the leading shipbuilders in China, is planning to raise up to $622 million through a listing on the Singapore Exchange. The Jiangsu-based shipbuilder is offering 993 million shares, a 30% stake, at up to 95 Singapore cents a share. Yangzijiang plans to use the net proceeds of some $397 million for general purposes and to finance the construction of a new yard.