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. The price fits in with Chiwan Wharf's plan to price the shares at a discount no more than 5 per cent to the market price. Chiwan Wharf will raise $116 million from the issue of 40 million shares, representing 10.52 per cent of the company's enlarged share capital. Chiwan Wharf, which operates the Chiwan port in the Pearl River Delta, trades both A and B shares on the Shenzhen Stock Exchange. The two projects that would benefit from the new issue involve grain silos and a new berth. Chiwan Wharf is to build eight grain silos, each with a storage capacity of up to 10,000 tonnes. The second project is the construction of a berth to accommodate 50,000 tonnes of bulk and general cargo. The berth will add to the existing nine berths of Chiwan Wharf, mostly catering to container traffic.