Gezhouba Group wins Argentinean hydropower pacts

A consortium comprised by China Gezhouba Group Co Ltd and two other companies has won contracts to build two hydropower generation stations in Argentina, worth 24.5 billion yuan ($4 billion), Shanghai-listed Gezhouba said in an announcement on Thursday.

Also in the same filing to the stock exchange, Gezhouba said it plans to raise a maximum of 4 billion yuan to fund a build-transfer project in the Wuzhong section of the Shuzhou Mid-ring Expressway in Jiangsu province, and replenish its working capital.

To reach its fundraising target, the company will issue 1.118 billion shares to 10 selected investors at not less than 3.58 yuan apiece, and its parent Gezhouba Group will purchase 40.83 percent of the shares.

In the interim report issued on the same day, Gezhouba announced its net profit for the first six months of the year edged down 1.73 percent to 850 million yuan, making its earnings per share slip 1.62 percent year-on-year to 0.243 yuan.