HONG KONG May 30 China's Qingdao Port
International Co. Ltd and its controlling shareholder
raised a combined $377 million in a fixed-price initial public
offering of shares in Hong Kong, a source with direct knowledge
of the deal said on Friday.
The company, which provides services in the world's seventh
busiest port in eastern China's Qingdao, sold 705.8 million new
shares at a previously set price of HK$3.76 each, according to
the source. Shareholder Qingdao Port (Group) Co. Ltd. offered
70.58 million existing shares. The source was not authorized to
speak publicly on the matter.
The company plans to use proceeds of the sale to invest in
new storage facilities for commodities such as oil and iron ore.
(Reporting by Elzio Barreto; Editing by Kenneth Maxwell)