China Shipping Container Lines (CSCL), the country's top container shipper, is planning to list on the Shanghai bourse in a bid to raise more than 12 million yuan (1.6 million dollars), the China Daily newspaper said.
The company had won permission from regulators for the listing and intends to float 2.34 billion shares, about 20 percent of its total, the paper said in a report Saturday.
Parent company China Shipping (Group) will see its holding fall from 59.87 percent to 47.89 percent as a result of the listing. CSCL, which is already listed in Hong Kong, plans to use most of the funds to add 16 new vessels to its fleet of 151 ships.
Eight new container ships would be bought in China and an additional eight from overseas, the report said. Shanghai-based CSCL is the world's 10th largest container shipper and operates 74 international lines and 17 domestic lines, according to China Daily.
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