China-based Rizhao Port has received approval to launch a private placement to fund the construction of a coke port and related supporting facilities.

The company earlier revealed plans to issue about 390 million new units at an issue price of CNY3.94 ($0.5911) a share.

Rizhao plans to use the proceeds from the deal to support the construction of coke-port terminals and to boost handling capacity for bulk cargo, according to China Knowledge.