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Nippon Shokubai to Issue New Shares to Finance Capital Projects

2:29 AM MDT | August 24, 2010 | Natasha Alperowicz

Nippon Shokubai (Osaka) is planning to issue new shares to raise up to Y19.95 billion ($234.2 million) to finance capital investment projects, planned for completion by end of March 2013. The shares will be issued between September 7th and September 10th. The move will dilute the shareholding of Sumitomo Chemicals, Nippon Shokubai's largest single shareholder, from the current 11% to 9.78%. Sumitomo will remain the single largest shareholder in Nippon Shokubai after the new shares are issued. Nippon Shokubai plans to use Y7.5 billion of the new capital to finance...

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