CIMH issues $489 million equity/CB combination

The company's chairman sells a 5% stake as part of the well-received offering after the share price rises more than 10 times since the IPO in late-2005.

China Infrastructure Machinery Holdings was in the capital markets yesterday raising funds to pay for its aggressive growth plans through a combined equity and convertible bond deal. As part of the transaction, the companyƆs chairman Li San Yim also took the opportunity to cash in some of the profits he is sitting on after the stock has soared 1,040% in the 16 months since its initial public offering.

The total deal size amounted to $489 million, with the upsized CB...

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