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Chinese dockside crane builder ZPMC has announced that it is considering making a RMB2bn private share placement, which will be used to pay state-owned parent China Communications Construction Co for a controlling stake in two business units.
Under the plan, ZPMC will issue up to 140m shares at RMB17.78 (USD2.54) each, for as much as RMB2bn (USD285m). The shares will be transferred to CCCC, increasing its stake in ZPMC from 43.26% to 45.18%. ZPMC will take control of a port machinery business and a service business, owned by CCCC.
