2010-06-21 12:54

China Railway Construction Corp (CRCC's) plan to raise as much as 8 billion yuan ($1.2 billion) through a private placement has been approved by its shareholders, the company said.

CRCC, a Beijing-based mega-size railway and highway builder, will sell more than one billion A-shares at 7.74 yuan apiece to as many as 10 target investors, including its parent company, according to a statement released after a shareholders' meeting held on June 18.

CRCC's parent has agreed to pay four billion yuan for up to 518 million of the shares, the company said, adding that the money will be used to fund the acquirement of part of the parent's assets as well as four expressway and road projects in Shandong, Sichuan and Guizhou provinces.