On May 22, Guangdong Province-based Chinese steel producer SGIS Songshan Co., the listed subsidiary of Chinese steelmaker Shaoguan Iron and Steel Co., announced that its planned non-public share offering has been approved by China Securities Regulatory Commission (CSRC). Accordingly, the shares in question are worth a total of RMB 1.5 billion ($244.7 million) and the proceeds will be mainly used to supplement the company's working capital.
Source:
http://www.steelorbis.com/steel-news/latest-news/csrc-gives-approval-for-sgis-songshans-non_public-share-offering-760270.htm
