Shanghai-listed Rizhao Port Co Ltd, subsidiary of China Rizhao Port (Group) Co Ltd, announced it plans to earmark RMB 160 million to jointly construct two railway companies.
Pursuant to the agreement signed by the Ministry of Railways and the Shandong province, one of the new companies, called Shandong Dongping Railway Co Ltd with a registered capital of RMB 540 million, will be responsible to build and operate the 60.13-kilometer Dongping railway in Shandong Province.
The project involves investment of about RMB 1.23 billion in total, in which Rizhao Port will invest RMB 130 million, accounting for 24% of the new company's registered capital.
The other company, namely Zao Lin Railway Co Ltd, has a registered capital of RMB 1 billion and involves total investment of around RMB 2.66 billion. Rizhao Port will inject RMB 30 million into the new company, accounting for 3% of the latter's registered capital.
Reportedly, the two railway projects are scheduled to commence construction as early as the first quarter of 2009.
Shares of Rizhao Port rose 2.04% to finish at RMB 5.00 last Friday.
Pursuant to the agreement signed by the Ministry of Railways and the Shandong province, one of the new companies, called Shandong Dongping Railway Co Ltd with a registered capital of RMB 540 million, will be responsible to build and operate the 60.13-kilometer Dongping railway in Shandong Province.
The project involves investment of about RMB 1.23 billion in total, in which Rizhao Port will invest RMB 130 million, accounting for 24% of the new company's registered capital.
The other company, namely Zao Lin Railway Co Ltd, has a registered capital of RMB 1 billion and involves total investment of around RMB 2.66 billion. Rizhao Port will inject RMB 30 million into the new company, accounting for 3% of the latter's registered capital.
Reportedly, the two railway projects are scheduled to commence construction as early as the first quarter of 2009.
Shares of Rizhao Port rose 2.04% to finish at RMB 5.00 last Friday.