JES plans $7.23m share placement

CHINA shipbuilding group JES International has proposed to place up to 50 million new shares worth $7.23 million to four private investors.

These shares will be priced at 14.463 cents each, representing an estimated 10 per cent discount to the weighted average price on Feb 27, JES said in a company announcement.

Yesterday, JES shares closed at 15.3 cents, down 6.1 per cent, after a trading halt was lifted in the late afternoon. Compared to yesterday's closing price, the new shares will be placed at a 5.5 per cent discount.