China and Singapore joint venture Rizhao Port Jurong is set for an initial public offering (IPO) that could raise up to HK$604m ($77m).
The company is to issue 400 million shares at a price of HK$1.37-HK$1.51 per offer share comprising a Hong Kong public offering of 40m H shares and a 360m international share offering.
Rizhao Port Jurong was jointly established by China Rizhao Port and Singapore-based Jurong Port and is the largest grain and wood chip import port in China.
In 2018, Rizhao Port announced restructuring plan for Rizhao Port Jurong. Through the restructuring, Rizhao Port will focus on ore and coal cargo handling while Rizhao Port Jurong will become the grain and wood chip cargo operation platform.
The listing of Rizhao Port Jurong is to strengthen the company’s core competitiveness and support further business development, said Rizhao Port.
