East Asian Developments

by K.K. Chadha, Hong Kong

Pacific Ports Offer Snapped Up

Pacific Ports, which is being spun off by listed Fairyoung Holdings, said its new share issue in Hong Kong was oversubscribed. It offered 200 million new shares at HK$3.09 (US$0.40) each. Of these, 160 million were to be placed internationally and 40 million sold in Hong Kong, raising a total of HK$618 million. Because of popular demand, 20 million shares were reallocated from the international placing to the Hong Kong offering, boosting the kitty to 60 million shares.

Pacific Ports, the first pure port operator to list on the Stock Exchange of Hong Kong, is one of the largest foreign investors in port facilities in China. About HK$460 million of the proceeds will be used to fund five port and warehouse projects in China, with the remainder retained as working capital.

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