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China train maker says to raise $1.4 bn in funds
by Staff Writers
Shanghai (AFP) Jan 12, 2012

CSR Corp, whose state-owned parent made the bullet trains involved in July's deadly crash, said it will raise up to 9.0 billion yuan ($1.4 billion) in a private placement of shares.

Money raised from the issue of around 1.96 billion A shares will be used to fund the development of new products and upgrade manufacturing, maintenance and after-sales services, CSR told the Hong Kong stock exchange late Wednesday.

The offer has been approved by the China Securities Regulatory Commission.

CSR Corp is listed in Shanghai and Hong Kong, but A shares are aimed at domestic investors and denominated in China's yuan currency.

The company's parent, CSR Group, will buy 6.0 billion yuan worth of the planned offering, according to a proposal released earlier by the firm.

The share issue comes amid reports that rail companies are struggling for funds in the wake of last year's train accident, which killed at least 40 people near China's eastern city of Wenzhou.

CSR officials bought back shares in August to help support the company's battered stock price, the official Xinhua news agency has reported.

Shares of the company were up 0.22 percent at 4.51 yuan in Shanghai trading on Thursday.

In an accident report released last month, China said design flaws and poor management were to blame for the fatal high-speed rail crash, which sparked public fury.

The government said 54 people would be punished for the disaster.

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