China Steel, Taiwan’s biggest steelmaker, is looking to raise $743.5 million from a sale of 37.8 million global depositary receipts (GDRs), Taipei Times reports. The proceeds will be used to buy raw materials from overseas.
Some of the proceeds might also be used to fund a second blast furnace at a China Steel unit. The GDRs will be traded on the Luxembourg Stock Exchange. Credit Suisse and J P Morgan were the lead bookrunners for the deal, adds Finance Asia.
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