Guangzhou Development Industry (Holdings) Co said on Tuesday that it would participate in the restructuring and planned initial public offering of Guangzhou Port Group.
Guangzhou Development, an investment firm, said in an exchange filing that it would team up with Guangzhou Port to set up a joint-stock company for the planned listing.
The new company, which would absorb Guangzhou Port's main business, planned to launch an IPO as early as next year, the official Shanghai Securities News reported.
Guangzhou Development will buy 200 million shares, or a 2 percent stake in the new company, which will have a registered capital of 5 billion yuan ($750 million).
Guangzhou Development, an investment firm, said in an exchange filing that it would team up with Guangzhou Port to set up a joint-stock company for the planned listing.
The new company, which would absorb Guangzhou Port's main business, planned to launch an IPO as early as next year, the official Shanghai Securities News reported.
Guangzhou Development will buy 200 million shares, or a 2 percent stake in the new company, which will have a registered capital of 5 billion yuan ($750 million).