IT is reported that Zhuhai Port obtained shareholder approval for its plan to fully acquire Yunfu New Port and to inject CNY 88 million into Zhuhai Fuhua Wind Power Development.

Shareholders rejected the plan to fully acquire Zhuhai Port and Logistics Investment Development.

The company thus scaled back the size of its rights issue from CNY 836 million to CNY 561 million with the number of projects that it will invest in reduced from three to two. Zhuhai Port obtained approval to issue three shares for every 10 shares held and expects to issue up to 103 million shares.

Yunfu New Port had incurred a net loss of CNY 21.78 million on revenue of CNY 32.34 million in 2010. It had net book value of CNY 51.05 million and appraised value of CNY 174 million through the end of the first quarter.

The company predicts Yunfu New Port operating profit will rise from CNY 11.1 million to CNY 55.19 million during the 2011-2016 period.

 

Source:steelguru.com