Tangshan targets RMB 1bn from IPO

China’s Tangshan Port Group hopes to raise more than RMB 1bn ($146m) from its IPO on the Shanghai Stock Exchange this coming June 18.
 

According to various media reports, the company will use the money raised from the sale of no more than 200m shares to help finance the construction of a new breakbulk berth at Jingtang Seaport.
 

Expected to cost a total of RMB 1.2bn, the proposed new berth will have a capacity of 5.6m tonnes and be able to simultaneously handle three 40,000 DWT vessels, with the main dock reserved for vessels of more than 100,000 DWT.
 

The rapid development of the Bohai region has put significant pressure on the Port, with Business China reporting that last year actual berth handling capacity reached 225.6% of designed capacity.
(Source:www.portfinanceinternational.com)