Jinhui bid to raise US$90m

PUBLISHED : Thursday, 02 June, 1994, 12:00am
UPDATED : Thursday, 02 June, 1994, 12:00am

JINHUI Holdings plans to hive off its shipping operations on the Oslo stock exchange in a bid to raise up to about US$90 million.

The company said it intended to hold at least a 51 per cent stake in Jinhui Shipping and Transportation, which is involved in owning ships, catering, operating, trading and provision of feeder services.

Jinhui said the listing would be done by an international placement and a public offer of new Jinhui Shipping shares.

Nomura International and Christiania Fonds have been appointed as joint global co-ordinators.

Jinhui's existing shareholders would be offered Jinhui Shipping shares on an assured basis.

After the spin-off, Jinhui said the company would continue to hold various Hong Kong properties other than the warehouses transferred to Jinhui Shipping.

The company will focus on the development of its industry-related mainland business by investing in more projects there.