SHANGHAI Jinqiao Export Processing Zone Development, which has A shares listed in Shanghai, is to issue 110 million B shares to raise US$37.9 million.
The issue price is 2.8 yuan a share and represents 26.8 per cent of the company's enlarged share capital.
Mr Abraham Chan, director at Jardine Fleming Securities - the issue's international co-ordinator - said in Shanghai yesterday following the signing of agreements that the shares would be about 34.42 US cents each.
Shanghai Jinqiao's issue, expected on May 21, will be the first B share issue in Shanghai this year.
B-share issues in Shanghai still use private placement, which differs from Shenzhen where the open offer system has been adopted.
Shanghai Haitong Securities is the lead underwriter - other international agents are Bookook Securities, Kim Eng Securities, PBI Securities Hongkong and Yamaichi International (Hongkong).
Shanghai Jinqiao, owns land use rights to a four square kilometre site in Shanghai's Pudong, is a real estate development, investment and management firm.