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Waigaoqiao to raise up to 2.7 billion yuan for FTZ build-up
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Shanghai Waigaoqiao Free Trade Zone Development Co, operator of two of the four bonded zones that have been included in the newly approved pilot free trade zone in Shanghai, surged by the daily limit of 10 percent today after it announced a refinancing plan.
Shanghai Waigaoqiao Free Trade Zone Development Co plans to raise up to 2.7 billion yuan (US$443 million) at 13.2 yuan per share through a private offering, the company said in a filing to the Shanghai Stock Exchange today.
Waigaoqiao closed at 14.85 yuan today after resuming trade from a suspension since July 22.
The company said it will use 2.1 billion yuan of the proceeds to build five projects including a regional headquarters for multinational companies, a distribution center for Asia-Pacific region and platforms for logistics, trading and modern services.
China last week officially gave the green light to Shanghai to run a trial of free trade zone, the first of its kind in the country.
Encompassing an area of 28.78 square kilometers, the pilot zone will cover Waigaoqiao Free Trade Zone, Waigaoqiao Bonded Logistic Zone, Yangshan Free Trade Port Area and Pudong Airport Comprehensive Free Trade Zone.
Waigaoqiao said it is the only listed company among the operators of the bonded zones and it will undertake the financing task for the development of the pilot free trade zone.
Meanwhile, Waigaoqiao said its net profit soared 400.8 percent year on year to 526 million yuan in the first half of this year. Revenue rose 37.2 percent to 3.98 billion yuan.
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