November 15 -- Xiamen Overseas Chinese Electronic (600870.SH) intends to issue 152.38 million shares in a private placement at 6.3 yuan per share in order to raise a total of 960 million yuan, reports stcn.com, citing a company filing.

Funds raised will be used to supplement the company’s working capital.

The private placement shares will be locked up for the next 36 months.