China's Tianjin Port plans up to RMB 2 billion of medium-term notes

By Marisa Wong

Madison, Wis., Sept. 26 - Tianjin Port Development Holdings Ltd. said its non-wholly owned subsidiary, Tianjin Port Holdings Co., Ltd., plans to issue up to RMB 2 billion of medium-term notes in China.

The term of the notes will not exceed seven years.

The subsidiary is pursuing the issuance to broaden its financing sources, lower financing costs and strengthen its bargaining power.

The proposed notes are subject to shareholders' approval at an upcoming general meeting.

The Hong Kong-based company operates the port of Tianjin in northern China and is engaged in container and cargo handling businesses.

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