SINGAPORE (Oct 5): Shareholders in Pan United Corp will get one Xinghua Port Group share for each Pan United share they hold.

This and other details of Pan United's' plan to spin off its China port business from its core concrete & cement business were revealed in a Thursday pre-EGM dialogue session organised by SIAS.

Pan United says the proposed demerger will create two listed “pure play” companies with distinct and separate core businesses, enabling for more focused management.

Pan United, which holds the core business, will continue to list on the Singapore Exchange while Xinghua Port Group will be listed on the Stock Exchange of Hong Kong (SEHK), subject to regulatory approval.

See: Pan United proposes to de-merge & list port business; plans rights issue to raise $61 mil

Shareholders who have a non-HK brokerage account will be able to trade Xinghua shares on the SEHK through a HK nominee.

Located on the Yangtze River Delta, Xinghua Port consists of two adjacent ports with a total land area of 1.4 million sqm with yard and warehousing space. The multi-purpose port can cater to all sizes from international ocean-going vessels to river barges.

Shares in Pan United closed 1 cent higher at 59 cents.