CSIC to raise funds for expansion

Chinese shipbuilder China Shipbuilding Industry Corporation (CSIC) has gained approval from the National Development and Reform Commission (NDRC), China’s top economic planner, to issue CNY 3.5 billion ($ 512.5 million) in corporate bonds from September 3, 2008.

The proceeds will be mainly used for three projects, including the Qingdao Haixi Bay Shipbuilding Base, expansion of medium speed marine diesel engine activities at Shaanxi Diesel Engine Heavy Industry Co., Ltd. and the expansion of low-speed marine diesel engine activities at Yichang Marine Diesel Engine Plant.