Jinke Gr Blister packaging oup to spend RMB 4.77 bln for backdoor listing

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Jinke Gr Blister packaging oup to spend RMB 4.77 bln for backdoor listing
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Jinke Group to spend RMB 4.77 bln for backdoor listingPublished: 07 Jun 2009 18:44:17 PST

Top 5 News From ChinaKnowledge.comChina’s foreign trade likely to fall in H1BAIC loses out to Magna in deal for GM’s OpelAlcatel-Lucent to deploy 1st VDSL2 network for Guangdong TelecomJinke Group to spend RMB 4.77 bln for backdoor listingICBC (Asia) to see earnings growth this yearJun. 8, 2009 (China Knowledge) – Jinke Group, which is headquartered in Chongqing and is engaged in real estate development, infrastructure construction and agricultural development, will purchase up to 921 million A-shares for RMB 5.18 apiece or RMB 4.77 billion in total in Chong Qing Dong Yuan Industry Development Co<000656> to bring about a backdoor listing, announced Chong Qing Dong Yuan on Jun. 4.

Jinke Group currently has 33.56 million shares in Chong Qing Dong Yuan, accounting for 13.42% of the total 250 million shares. After the purchase, Jinke Group will be the biggest shareholder and will hold 257.29 million shares in Chong Qing Dong Yuan, accounting for 22.18% of the total 1.17 billion shares.

At present, Jinke Group has properties under construction that cover land area of 3,004.56 Mu and have potential floor area of 5.31 million square meters (sq m), of which 1.6 million sq m have already been sold. The undeveloped property projects of the enterprise amount to 4.43 million sq m in potential floor area.

In 2008, Jinke Group’s operating revenue totaled RMB 3.24 billion, and its net profit stood at RMB 511 million. The group aims to record net profit of RMB 530 million this year, RMB 600 million in 2010 and RMB 670 million in 2011, sources reported.

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