Companies

Nanfang Space to raise $482m through new shares

(Agencies)
Updated: 2011-03-17 15:05

China's Nanfang Space Navigation plans to raise 3.17 billion yuan ($482.4 million) through the issue of new shares, it said on Thursday.

Related readings:  China fired-up about manned space station  China to conduct over 20 space missions in 2011

The company said it plans to issue a maximum of 275 million new shares and added that it would set aside 450 million yuan ($68.48 million) to shore up its capital.

The money raised will be used to expand its production capacity, increase its research and development capabilities and to boost its equity holding in a Jiangsu-based new energy company, Nanfang said in a statement.

Nanfang manufactures aero-engine control system products. It also manufactures and sells motorcycles and motorcycles engines, civil aircraft components and automobile components.