November 14 -- Zhuhai Port (000507) intends to spend 830 million yuan to acquire a 100 percent stake in Gangtong Investment, a 71.63 percent stake in Yunfu New Port, and to inject assets into Fuhua Wind Power, reports Yicai.com, citing a company filing.

The sum of 830 million yuan will be raised through a rights issue of three shares for every 10 shares held.

Of the 830 million yuan, 473 million yuan will be used to acquire a 71.63 percent stake in Yunfu New Port. Yunfu New Port recorded net assets of 51.05 million yuan and a debt-asset ratio of 88.2 percent as of end March 2011.

The port reported a 4.45 percent year-on-year increase in cargo throughput to 9.16 million tons in 2010.

After the acquisition, Zhuhai Port will inject capital into Yunfu New Port and help it return to profit in 2012.

Zhuhai Port forecasts Yunfu New Port to record container throughput of 69,000 TEUs in 2011, and 169,100 TEUs in 2016. Sales revenue from 2011 to 2016 is projected to rise from 11.1 million yuan to 55.19 million yuan.

Zhuhai Port also plans to inject 88 million yuan into Zhuhai Fuhua Wind Power, and use 275 million yuan to acquire a 100 percent stake in Gangtong Investment from Zhuhai Port Group.

Gangtong Investment recorded net assets of 130 million yuan through the end of March 31, 2011.

Source:Capitalvue