PORT operator Chiwan Wharf Holdings has completed its new B-share sale of 40 million shares on a depressed Shenzhen B-share market.
Company chairman Fu Yuning said yesterday in Hong Kong that investors responded favourably to the sale and that all shares had been fully subscribed.
Mr Fu would not give the subscription level.
'Response is good,' he said after a seminar.
'The buyers were institutions based in Hong Kong, Singapore and Europe.' The underwriting agreement of the share offering was struck on Monday in Shenzhen with Cazenove & Co (Overseas) - the issue's underwriter.
Mr Fu said the shares, priced at $2.90, were sold at 9.7 times the company's 1995 projected earnings on a fully diluted basis.
The issue price represents a 4 per cent discount to the weighted average price of Chiwan Wharf's B shares of $3.02 in the first week of the sale period.
