China Communications Construction (CCC) has postponed its $3 billion IPO, Bloomberg reports. The move comes due to unstable market conditions. The floatation, which was intended to be held in July or August, will now be launched by the year end.
The proceeds will be used to finance almost a 39% acquisition of CRBC International, to boost working capital and to buy equipment. The company appointed BOC International, Citic Securities, Guotai Junan Securities, Goldman Sachs Gaohua Securities and Zhong De Securities to manage the deal.
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