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Shanghai Pudong to raise RMB 2 bln for Disneyland

Jan. 17, 2012 (China Knowledge) - Shanghai Pudong Road and Bridge Construction Co<600284> today announced plans to raise RMB 2 billion via a private placement to fund the Disneyland in Pudong New Area, Shanghai.

According to the plans, the Shanghai-listed firm will issue not more than 160 million shares at a price of RMB 7.22 apiece.

The issuer's biggest shareholder Shanghai Pudong Development (Group) Co Ltd, controlled by State-owned Assets Supervision and Administration Commission of Shanghai Pudong New Area People's Government, holds a 28.52% stake in the issuer and will subscribe between 5% and 20% of the to-be-issued shares.

The issuer said it will spend RMB 3.92 billion on the road construction for the Disneyland, which will be China's second Disneyland after that in Hong Kong.

The new Disneyland, the world's sixth theme park, would cost approximately RMB 25 billion and is expected to become the largest Disneyland worldwide by area.

Shanghai Pudong Road and Bridge Construction's net profit reached RMB 10.42 million in the first nine months of this year, and its total assets had amounted to RMB 1.17 billion as of September 30, 2011.

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