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Mitsui Chemicals Launches Public Share Offering to Help Finance Chinese Expansion

10:59 AM MST | November 13, 2009 | Natasha Alperowicz

Mitsui Chemicals plans to raise Y64.3 billion ($712 million) through a public share offering to help fund expansion in China, according to a filing with Japan's Finance Ministry. The company will issue 230 million new shares, including 40 million shares in overseas markets, which will increase Mitsui Chemicals' total number of shares by 29%. The funds will be used to to build a previously announced phenol plant at Caojing, near Shanghai and for a new polyurethanes subsidiary, due to commence operations next month. Mitsui Chemicals said earlier this month that it...

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