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Beijing Bashi to Issue A-share
The Beijing Bashi Co., Ltd. will issue A-share in the Shanghai Stock Exchange on January 4 to raise money for the purpose of promoting its development of the city's public traffic service, thereby creating better travel conditions for the residents.
The Beijing Bashi Co., Ltd. was established jointly by the Beijing Public Traffic Co., Ltd., Beijing Urban Construction Group Co., Ltd, the Beijing Urban Development Group Co., Ltd., the Beijing North Star Industry Group and the Beijing Huaxun Group in June 1999.
The Company has over 110 routes of public traffic, more than 2,600 medium- or high-grade buses, centralized air-conditioning buses, special route buses and tourist buses of Beijing. Since its inception, the Company has won over local passengers with its convenient and comfortable conditions and has won the market, gaining an annual profit of above 40 million yuan.
It's reported that the 80 million shares, priced 9.92 yuan each this time, are expected to raise a fund of nearly 770 million yuan. The money to be collected will be invested in the public traffic construction of Beijing including more new air-conditioning buses which are environment friendly facilities, improving service quality and optimizing arrangements of routes and networks. The investment, moreover, will play an active role in protecting Beijing's environment and success in its bid for hosting the Olympic Games in 2008.
By PD Online Staff Deng Gang
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