It is reported that Shanghai International Port Group proposed private placement of 1.76 billion shares to Shanghai Tongsheng Investment Group won the approval of the China Securities Regulatory Commission, Steelguru reports.
The shares will be issued at CNY 4.49 per share. Funds raised will be used to acquire the second and third phases of Yangshan Port which is appraised to be worth CNY 7.92 billion.
According to the report, the existing ports of Shanghai International Port Group do not have channels which are deep enough for the handling of fifth and sixth generation containers.
Yangshan Port a large deepwater port is an ideal place to build capacity to handle large containers. Yangshan Port possessed 16 container berths with annual handling capacity of 9.3 million twenty foot equivalent units as of end 2009.
The shares will be issued at CNY 4.49 per share. Funds raised will be used to acquire the second and third phases of Yangshan Port which is appraised to be worth CNY 7.92 billion.
According to the report, the existing ports of Shanghai International Port Group do not have channels which are deep enough for the handling of fifth and sixth generation containers.
Yangshan Port a large deepwater port is an ideal place to build capacity to handle large containers. Yangshan Port possessed 16 container berths with annual handling capacity of 9.3 million twenty foot equivalent units as of end 2009.