Shanghai-listed Rizhao Port Co Ltd , a subsidiary of China Rizhao Port (Group) Co Ltd, announced yesterday that it has secured approval from the China Securities Regulatory Commission to launch a private placement.
The company earlier announced plans to issue up to 390 million shares at a price of at least RMB 3.94 apiece.
Proceeds from the deal will be used to fund the construction of coke-dedicated terminals and related supporting facilities and to enhance the firm's handling capacity for bulk cargo.
As of Nov. 18, the company's cargo throughput had reached 200.06 million metric tons, 22.3% more than in the same period of last year. Rizhao Port is China's largest port for iron ore, nickel ore, wooden chips and grains in terms of throughput.
In the first three quarters of this year, the company's net profit rose 15.53% year on year to RMB 323.84 million, and its core business revenue jumped 32.03% year on year to RMB 2.32 billion.
The company earlier announced plans to issue up to 390 million shares at a price of at least RMB 3.94 apiece.
Proceeds from the deal will be used to fund the construction of coke-dedicated terminals and related supporting facilities and to enhance the firm's handling capacity for bulk cargo.
As of Nov. 18, the company's cargo throughput had reached 200.06 million metric tons, 22.3% more than in the same period of last year. Rizhao Port is China's largest port for iron ore, nickel ore, wooden chips and grains in terms of throughput.
In the first three quarters of this year, the company's net profit rose 15.53% year on year to RMB 323.84 million, and its core business revenue jumped 32.03% year on year to RMB 2.32 billion.