Dalian Port to Raise IPO

20 October 2010 (Last Updated October 20th, 2010 18:30)

Dalian Port in China is planning to raise CNY3.67bn ($556m) by issuing a 1.2 billion share IPO. The port operator is considering selling half of the shares to institutional and individual investors, while the other half will be placed for its parent company Dalian Port Group, which holds

Dalian Port in China is planning to raise CNY3.67bn ($556m) by issuing a 1.2 billion share IPO.

The port operator is considering selling half of the shares to institutional and individual investors, while the other half will be placed for its parent company Dalian Port Group, which holds a 62.09% stake in Dalian.

Dalian will use some of the proceeds to carry out 16 expansion projects at a cost of CNY366m ($55m).

The port is also planning to use part of the proceeds to acquire iron ore port operations and dry bulk port businesses from its parent company, according sanghaidaily.com.