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Dalian Port in CNY 2.10bn capital increase
Posted on Wednesday, 08 July 2020 10:58
Dalian Port PDA is proposing to raise up to CNY 2.10 billion (USD 299.20 million) to supplement working capital, improve liquidity, and repay interest-bearing debts.
The harbour operator will also use proceeds from the sale of as many of 3.87 billion new A shares to 35 investors to settle professional fees and charges incurred from the CNY 16.77 billion takeover of Yingkou Port Liability.
Dalian Port claims to be the largest marine hub company in the three northeastern provinces - Heilongjiang, Jilin and Liaoning - of China.
The group is mainly involved in terminal and related logistics services within the oil/liquefied chemical, container, bulk and general cargo, bulk grain, passenger and roll-on and roll-off categories.
It has two 300,000 deadweight tonnage (dwt) crude oil-dedicated cargo areas, one which can accommodate 450,000dwt vessels.
Dalian Port also has the largest oil storage base in China, and an integrated multimodal transportation system comprising various means such as water, road, railway and pipelines.
The container terminals can accommodate vessels with a loading capacity of 150,000dwt and connect with more than100 major ports around the world.
In the 12 months ended 31st December 2019, Dalian Port generated operating profit of CNY 1.14 billion on revenue of CNY 6.65 billion, compared to CNY 859.40 million on CNY 6.75 billion in FY 2018.
Net profit attributable to shareholders was up 37.2 per cent year-on-year at CNY 718.23 million (FY 2018: CNY 523.32 million).
Zephyr, the M&A database published by Bureau van Dijk, shows nine capital increases by companies providing support activities for water transportation have been announced in 2020 to date.
The three largest feature Ningbo Zhoushan Port raising CNY 1.62 billion; Terminal Link of France selling convertible bonds worth USD 468.00 million; and Australia’s Qube Holdings holding a USD 332.39 million rights issue.
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