Date
19 November 2017

Chongqing Gangjiu eyes 1.2 bln yuan placement, paper says

Inland port logistics firm Chongqing Gangjiu Co. Ltd. (600279.CN) plans to raise up to 1.2 billion yuan (US$198.11 million) through a private placement of new shares, the China Securities Journal reported Friday, citing a regulatory filing. The proceeds will be used to acquire a 65 percent stake in a container unit owned by its majority shareholder Chongqing Port Logistics Group, the company said. The deal could enhance Chongqing Gangjiu’s container processing capacity and help it establish a comprehensive logistics system, the newspaper said. Chongqing’s port has seen an annual compounded growth of 16.19 percent in container throughput between 2009 and 2013, and is expected to grow by 15 to 20 percent over the next five to 10 years, the report said.

– Contact HKEJ [email protected]

TL/AC/CG

 

 

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