Tianjin Port Co plans to sell about 4.1 billion yuan (S$820.8 million) of new shares to its parent, from which the northern Chinese port operator will buy berths and shipping units.
The company plans to sell 226 million yuan-denominated shares at 18.17 yuan each to parent Tianjin Port Group Co, it told the Shanghai Stock Exchange yesterday. Tianjin Port will then acquire the assets, which it said may add 396 million yuan to profit in 2007. Shares in Tianjin Port resumed trading yesterday after being suspended from May 19 pending yesterday's announcement. The stock traded at 21.91 yuan in Shanghai on May 18. The stock has more than tripled in the past year, as has China's benchmark CSI 300 Index.
The company plans to sell 226 million yuan-denominated shares at 18.17 yuan each to parent Tianjin Port Group Co, it told the Shanghai Stock Exchange yesterday. Tianjin Port will then acquire the assets, which it said may add 396 million yuan to profit in 2007. Shares in Tianjin Port resumed trading yesterday after being suspended from May 19 pending yesterday's announcement. The stock traded at 21.91 yuan in Shanghai on May 18. The stock has more than tripled in the past year, as has China's benchmark CSI 300 Index.