[photopress:logistics_beda.jpg,full,alignright]Chinese logistics provider Tianjin Binhai Teda Logistics is to got listed on the growth enterprise board of the Stock Exchange of Hong Kong in the next few days.
It plans to issue 88.6 million shares or 27.56% of its enlarged capital stock for US22 cents to 27 cents apiece in its IPO.
All the shares will be sold to investors through placement. Which seems to mean individual investors do not get a look-in until later. And it will issue an additional 13.29 million shares if necessary.
Chairman Zhangjian disclosed that Tianjin Port Development Holdings had subscribed 20 million shares in his company which gives you about a quarter of the stock sold before you start.
The money will pay the debt it owes to banks and fund its construction of cargo holds. Also, the company plans to enlarge its facilities for the rolled steel purchase business in Northeast China.
Headquartered in the Northern Chinese city of Tianjin, Tianjin Binhai Logistics has set up logistics centers in key coastal cities like Dalian, Shanghai and Wuxi and serves more than 600 clients.
Source: Trading Markets