Dalian Port wins listing approval
By Ding Yining |
October 19, 2010, Tuesday
|
Print Edition
Print Edition
DALIAN Port (PDA) Co's listing plan on the Shanghai Stock Exchange was approved yesterday by the China Securities Regulatory Commission.
Dalian Port (PDA) will sell as much as 2.4 billion new shares, or 45.06 percent of the total stake, according to the prospectus on the CSRC's website.
Half of the new shares will be available to institutional and individual investors while the other half will be placed for its parent company Dalian Port Group, which holds a 62.09 percent stake in Dalian Port (PDA).
The port operator will use some of the proceeds to carry out 16 planned expansion projects. These include building oil and liquefied chemicals port facilities and other logistics infrastructure at a total cost of around 366 million yuan (US$55.1 million).
Proceeds from the share sale will also be used to acquire iron ore port operations and dry bulk port businesses from the parent company.
Dalian Port (PDA) went public in Hong Kong in 2006. Its shares gained 1.2 percent to end at HK$3.39 yesterday.
The issue price will be no less than 90 percent of the average H share price during the 20 days before last Thursday, when the prospectus draft was released.
Profit for Dalian Port (PDA) was 313 million yuan in the first half of this year, compared with 583 million yuan in the same period of 2009. Revenue in the first six months of this year was 904 million yuan, down from 1.68 billion yuan in the same period of 2009.
Dalian Port (PDA) will sell as much as 2.4 billion new shares, or 45.06 percent of the total stake, according to the prospectus on the CSRC's website.
Half of the new shares will be available to institutional and individual investors while the other half will be placed for its parent company Dalian Port Group, which holds a 62.09 percent stake in Dalian Port (PDA).
The port operator will use some of the proceeds to carry out 16 planned expansion projects. These include building oil and liquefied chemicals port facilities and other logistics infrastructure at a total cost of around 366 million yuan (US$55.1 million).
Proceeds from the share sale will also be used to acquire iron ore port operations and dry bulk port businesses from the parent company.
Dalian Port (PDA) went public in Hong Kong in 2006. Its shares gained 1.2 percent to end at HK$3.39 yesterday.
The issue price will be no less than 90 percent of the average H share price during the 20 days before last Thursday, when the prospectus draft was released.
Profit for Dalian Port (PDA) was 313 million yuan in the first half of this year, compared with 583 million yuan in the same period of 2009. Revenue in the first six months of this year was 904 million yuan, down from 1.68 billion yuan in the same period of 2009.
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