XCMG plans share placement to raise additional capital

XCMG Construction Machinery Co Ltd, the nation's largest construction machinery maker, will raise 5 billion yuan through a private placement of shares to finance new projects and obtain advanced technology, according to a statement the company filed to the Shenzhen Stock Exchange yesterday.

The company said it will issue 50 million to 165 million shares in the private placement to 10 unamed investors.

Funds raised will be used to develop nine projects, including the areas of research and development, as well as main engine, component and information systems.