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]
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