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China CNR to raise RMB 7.1 bln via rights issue

Feb. 3, 2012 (China Knowledge) - China CNR Corp<601299>, one of the country's two leading train manufacturers, has announced plans to raise around RMB 7.1 billion via a rights issue, according to a statement filed with the Shanghai Stock Exchange.

The company intends to issue 2.5 shares for every ten existing shares held by each shareholder, or a total of 2.08 billion shares on the basis of its total capital of 8.3 billion shares.

The issue price is expected to reach between RMB 3.00 and RMB 3.50 apiece, usually lower than the issuer's net asset value per share or NAVPS, which was RMB 2.92 as of Feb. 2, 2012, said analysts.

Proceeds from the rights issue will be invested in technology upgrading on high-speed railway, high-power locomotives and freight trains.

The offering, however, is subject to approval from the China Securities Regulatory Commission or CSRC.

China CNR also expects its net profit attributable to shareholders for 2011 might have surged over 50%. The firm's net profit attributable to shareholders was RMB 1.91 billion in 2010.

CSR Co Ltd<601766><1766>, formerly known as China South Locomotive & Rolling Stock Corp Ltd, is still waiting for approval from CSRC for a RMB 9 billion-fundraising.

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