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Dalian Port readies second IPO

Dalian Port readies second IPO

Dalian: Dalian Port is preparing to launch a mainland initial public offering to help fund the acquisition of assets from its parent firm, which itself is seeking to consolidate ports in the northeast of the country, the South China Morning Post reported.

The Hong Kong-listed state-backed operator of petroleum, container and vehicle terminals planned to acquire assets from its parent, PDA Corporation, said Dalian Port chairman Sun Hong, who is also PDA's general manager.

Only about 33 percent of PDA's total assets of more than US$4.4 billion are listed, but it is too early to tell how much of them will be sold to the listed vehicle, as well as how big and how soon the planned share sale will be.

PDA, the operator of China's third-largest port by assets, wants to take a leading role in consolidating Liaoning's ports, a move being pushed by the provincial government.  [16/09/09]