Tianjin share issue raises $300m

Tianjin Port Development has announced that it has completed a placing of more than 986.5 million Placing Shares, raising over US$300 million.

The 986,502,000 shares were placed to more than six different third parties, independent of and not connected with Tianjin Port Development.

The holding was valued at HK$2.50 per share, raising a total of HK$2.466 billion (approximately US$317 million).

Tianjin Port Development will use the net proceeds from the placing for partial settlement of the cash portion of the consideration payable by Tianjin Port Development for completion of the proposed acquisition of Tianjin Port Holdings Co., Ltd (being approximately HK$4 billion).

Approximately 3.3 billion Consideration Shares were also issued by Tianjin Port Development to Tianjin Port Overseas to settle part of the consideration for the proposed acquisition.

(Source: China Daily)