January 17, 2012 / 1:45 AM / 8 years ago

Shanghai Pudong Road to issue new shares to finance Disney construction

SHANGHAI, Jan 17 (Reuters) - Shanghai Pudong Road & Bridge Construction Co Ltd said on Tuesday it would issue not more than 2 billion yuan ($316.63 million) in new shares to finance construction of roads connected to the Shanghai Disney Resort.

The company said in a statement to the stock exchange it plans to issue at most 160 million new shares at a price of at least 7.22 yuan per share.

Shanghai Development (Group) Co Ltd, the unlisted holding company that currently controls 22.64 percent of Shanghai Pudong’s shares, will purchase between 5 percent and 20 percent of the new shares.

Shanghai Pudong has a contract to build all of the roads servicing the resort.

The company has signed a repurchase agreement with the district government of Pudong New Area according to which the government has agreed to buy the roads from the company once they are completed.

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