Ningbo Port seeks US$1.9b IPO
By Ding Yining |
June 2, 2010, Wednesday
|
Print Edition
Print Edition
NINGBO Port Co plans to raise as much as 13.3 billion yuan (US$1.9 billion) on the Shanghai Stock Exchange, which will be used to build new coal and container terminals.
This planned initial public offering could become the second-largest IPO in the Shanghai market this year.
Huatai Securities Co raised 15.7 billion yuan in February to be the biggest in Shanghai so far this year.
The operator of the Chinese mainland's second-largest port by throughput will sell no more than 2.5 billion shares, or 19 percent of its stake, according to a statement on the Website of the China Securities Regulatory Commission.
The company will also sell no more than 2.35 billion shares on the Hong Kong stock exchange at an offering price not lower than that of its A shares "at an appropriate time" after its Shanghai listing, the statement said. Its offering in Hong Kong is expected to be completed by August 21.
The CSRC will review the company's listing plan on Friday, it said in a statement late Monday. No date for the Shanghai sale was given. BOC International Holdings, a unit of the Bank of China Ltd, will be the main underwriter of the listing.
The port operator plans to spend 84 percent of the funds raised on building and revamping berths while the rest will be used to procure equipment and as cash for operations. It recorded a profit of 1.81 billion yuan in 2009, up 3.1 percent from a year earlier.
This planned initial public offering could become the second-largest IPO in the Shanghai market this year.
Huatai Securities Co raised 15.7 billion yuan in February to be the biggest in Shanghai so far this year.
The operator of the Chinese mainland's second-largest port by throughput will sell no more than 2.5 billion shares, or 19 percent of its stake, according to a statement on the Website of the China Securities Regulatory Commission.
The company will also sell no more than 2.35 billion shares on the Hong Kong stock exchange at an offering price not lower than that of its A shares "at an appropriate time" after its Shanghai listing, the statement said. Its offering in Hong Kong is expected to be completed by August 21.
The CSRC will review the company's listing plan on Friday, it said in a statement late Monday. No date for the Shanghai sale was given. BOC International Holdings, a unit of the Bank of China Ltd, will be the main underwriter of the listing.
The port operator plans to spend 84 percent of the funds raised on building and revamping berths while the rest will be used to procure equipment and as cash for operations. It recorded a profit of 1.81 billion yuan in 2009, up 3.1 percent from a year earlier.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
