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China Chongqing Gangjiu ends $220m asset deal

(Agencies)
Updated: 2008-11-09 10:30

SHANGHAI, Nov 8 - Chongqing Gangjiu Co, a port operator in China's western city of Chongqing, said on Saturday that it had scrapped a $220 million deal to buy port assets from its parent because of poor stock market conditions.

Gangjiu had announced in June that it would raise 1.5 billion yuan for the purchase by placing 144 million new shares at a minimum of 10.41 yuan apiece with its parent firm, Chongqing Port & Logistics Group.

But Gangjiu said on Saturday that both sides had agreed to cancel the plan because of the stock market crash, which has prompted a string of Chinese companies to call off asset purchases and fund-raising deals over the past six months.

Gangjiu's shares last closed at 4.47 yuan, down from 11.29 yuan when its deal was originally announced.