Jiangsu Lianyungang Port Co., Ltd. announced that it expects to receive CNY 500 million in funding from Lianyungang Port Group Co., Ltd.
August 19, 2020
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Jiangsu Lianyungang Port Co., Ltd. (SHSE:601008) announced a private placement to issue not more than 164,073,931 A shares for the gross proceeds of not more than CNY 500,000,000 on August 20, 2020. The transaction will include participation from returning investor, Lianyungang Port Group Co., Ltd. The company will issue shares at a price which is 80% of the average price of the company’s stocks on the 20 trading days before the pricing base date. The securities issued in the transaction are subject to a hold period of 18 months from the closing of the transaction. The transaction has been approved by the board of directors of the company at the third meeting of the seventh board of supervisors. The transaction still needs to be approved by the state-funded enterprise, the China Securities Regulatory Commission, and the shareholders of the company at its 1st special shareholders' meeting of 2020 to be held on September 8, 2020.
Jiangsu Lianyungang Port Co.,Ltd. is a China-based company principally engaged in the loading and unloading of cargos, stockpiling business, as well as port management business. The Company deals with coals, cokes, iron ores, nonferrous metal ores, laterite-nickel ores, aluminum oxides, grains, glued boards, machineries and equipment, steels and others. The Company operates its businesses primarily in Lianyungang, Jiangsu Province, China.