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China Nuclear Engineering to Raise up to 4 Billion Yuan From Share Placement; Shares Down 3%

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China Nuclear Engineering (SHA:601611) plans to raise gross proceeds of up to 4 billion yuan through a private share placement, according to a Shanghai bourse filing on Friday.

Proceeds from the issuance will be used for the construction of facilities of the Phase I of the Jiangsu Xuwei Nuclear Heating and Power Plant Project and the Zhejiang Jinqimen Nuclear Power Plant. The remaining proceeds of 1.20 billion yuan will be used for debt payment.

The nuclear and civil engineering company's shares fell 3% during the afternoon trade.

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