Nantong Port plans IPO to fund expansion
Nantong Port (Group) Co, partly owned by investment firm PYI Corp Ltd, is planning a stock market listing, possibly in Hong Kong, in the next two to three years to help fund its capacity expansion, its chairman said yesterday.
Nantong Port (Group), which handles the lion's share of container freight at its namesake port, the Yangtze River's second-largest, currently has a container capacity of 360,000 twenty-foot-equivalent units (TEUs).
It aims to double that capacity by 2010 and has recently signed a framework agreement with domestic logistics group Sinotrans to jointly undertake the project, costing an estimated 480 million yuan (S$94.4 million), Nantong Port chairman Yin Jianlu told Reuters on the sidelines of an industry forum here.
'We are also planning for a stock market listing over the next two to three years, most likely in Hong Kong,' Mr Yin said.
He did not rule out a domestic listing given the bullish performance of China's benchmark index.
Mr Yin, who previously served as head of the municipal economic planning agency, added that his firm's expansion was part of a larger plan by the Nantong Port overall to double its container capacity to one million TEUs over the next three years.