Jiangsu Lianyungang Port Co., Ltd. announced that it expects to receive CNY 1.5 billion in funding from Shanghai International Port Co., Ltd.
March 11, 2022
Share
Jiangsu Lianyungang Port Co., Ltd. announced that it has signed share subscription agreement to issue not more than 372,191,401 A shares for the gross proceeds of not more than CNY 1,500,000,000 on March 11, 2022. The transaction will include participation from returning investor, Shanghai International Port (Group) Co., Ltd. The company will issue shares at a price which is 80% of the average price of the company's stocks on the 20 trading days before the pricing base date. The securities issued in the transaction are subject to a hold period of 36 months from the closing of the transaction. The transaction has been approved by the board of directors of the company at the 18th meeting of the 7th directorate and the 14th meeting of the 7th supervisory board. The transaction still needs to be approved by the state-funded enterprise, the China Securities Regulatory Commission, and the shareholders of the company.
On March 21, 2022, the transaction got approved by the shareholders of Lianyungang Port Holdings Group Co., Ltd., parent of the company.
Jiangsu Lianyungang Port Co.,Ltd. is a China-based company principally engaged in the loading and unloading of cargos, stockpiling business, as well as port management business. The Company deals with coals, cokes, iron ores, nonferrous metal ores, laterite-nickel ores, aluminum oxides, grains, glued boards, machineries and equipment, steels and others. The Company operates its businesses primarily in Lianyungang, Jiangsu Province, China.