Shenzhen-listed Tianjin TEDA Co., Ltd. said its board of directors agreed on the additional share offer by Bohai Securities Co., Ltd. but decided to give up subscribing for the new shares.
Bohai Securities, where Tianjin TEDA holds about 870 million shares or 27.04% stake, plans to additionally offer 1 billion new shares at CNY 1.5 per share. According to the shareholding, Tianjin TEDA Co. shall subscribe for 270 million shares at a consideration of about CNY 400 million.
As Tianjin TEDA co. needs to fund its regional business development at present and considers the current financial status and financing environment, it decided to give up the subscription for the new shares.
State-owned Tianjin TEDA Co. currently focuses on four business sectors, namely ecological environment protection, high-tech synthetic fiber, integration of land resource and public traffic operation. The company’s A shares closed up 1.17% at CNY 6.07 per share on August 15.
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