Gansu Qilianshan Cement, has received approval from China Securities Regulatory Commission (CSRC) to raise as much as CNY1.68bn via a rights issue.

The company plans to issue no more than 142 million new shares to all its shareholders at a ratio of three new shares for every ten existing shares.

The proceeds from the issuance will be used to repay the company's short-term commercial paper and replenish working capital.

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