It is reported that Rizhao Port will reduce the number of shares it plans to issue in a private placement from 474 million to 445 million shares.

According to the private placement plan announced last month, Rizhao Port was to issue shares to its parent company, Rizhao Port Group, as well as Lanshan Port, Rizhao Port Group wholly owned subsidiary and shareholder Rizhao Yuqiao Iron Ore Handling in order to acquire their port business and assets.

Rizhao Port said that it plans to acquire Rizhao Port Group dry bulk cargo wharf and port support divisions. Rizhao Port Group plans to inject its berth assets at Lanshan port into the listed company.

Rizhao Port will acquire a 23.81% stake in Rizhao Yuqiao Iron Ore Handling from its shareholder via private placement.

(Sourced from yicai.com)