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Qingdao port to make domestic share offering

Qingdao port to make domestic share offering

Beijing: The chairman of the Qingdao Port Group Company, Chang Dechuan, has announced that the operator plans to offer A-shares (Mutual fund shares offering more voting rights than other classes) on the domestic stock market by the end of the year, reports XFN news.

Although the number of shares to be offered remains undisclosed, Chang has said that the money raised will be used to finance an expansion of port capacity. The port is said to be currently operating at almost twice its originally designed capacity. It ranked 11th in terms of throughput amongst the top 20 box ports, with a total of 7.51m teu for 2006 - an increase of 19% on the year before.

Chang also said that an oil dock is being expanded in cooperation with state oil refiner Sinopec, with whom the port is in talks with for the possible distribution of downstream products.  [13/08/07]