Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

ZPMC to raise RMB3.02bn via placement

ZPMC to raise RMB3.02bn via placement

Shanghai: The world's largest quayside crane maker Shanghai Zhenhua Port Machinery Co announced that it plans to sell about 170 million shares to its shareholder, China Communications Construction Co Ltd, the top infrastructure builder in the country, via a share placement, at a price of RMB 17.78 apiece, or RMB 3.02 billion in total.
After the deal, Shanghai Zhenhua Port Machinery, which is 24.9% owned by China Communications Construction, would hold 100% stake in China Communications Shanghai Port Machinery Co Ltd and 60% stake in Shanghai Jiangtian Co. Ltd.
The new shares have a lock-up period of 36 months.
The Shanghai-based company announced in April that it was mulling to issue as many as 140 new shares at a price of RMB 17.78 apiece, or RMB 2.49 billion via a private placement to fund its purchase of two units from parent. [8/9/08]


Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish