BEIJING: Qinhuangdao Port in China will be submitting an application to issue A shares to the China Securities Regulatory Commission in a move to raise capital to construct new terminals and expand its business, a filing to the Hong Kong Stock Exchange said.
The company said the amount of A shares to be issued will be no more than 558 million shares, it said.
Proceeds from the A Share issue, after deducting its listing expenses, would be used to construct new terminals and ports, conduct technological innovations, procure equipment, replenish working capital and repay bank loans, the company said.
The A share Issue is subject to approval by the firm’s shareholders, the CSRC and other regulatory authorities, it said.
