Baiyun Airport plans to raise 1.6 billion yuan from its controlling shareholder to supplement its working capital
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Recently, Baiyun Airport announced that it plans to issue no more than 208 million A-shares to the controlling shareholder Guangdong Airport Management Group, and the total amount of funds raised will not exceed 1.6 billion yuan.
The issue price of the shares issued this time is 7.7 yuan/share, slightly higher than the company's latest net asset per share. Guangdong Airport Management Group agrees to subscribe for all A-shares issued in cash in one go. After deducting the issuance expenses, the funds raised this time will be used to supplement working capital.
The announcement pointed out that the purpose of this fundraising is three-fold.
1. Strengthen cash reserves, enhance the company's financial strength, and meet the funding needs for future business growth.
Due to the great impact of force majeure on the global aviation and airport industry, the company's business volume from 2020 to 2022 has declined sharply, and it has suffered losses for three consecutive years, which has had a certain impact on the company's liquidity. Since 2023, with the gradual recovery of the civil aviation industry, the company has seized the favorable opportunity of the recovery of the aviation market, actively promoted the orderly resumption of various business activities, and needed to invest sufficient funds to implement the civil aviation safety production responsibilities, and the demand for working capital for production and operation has also increased accordingly. The funds raised this time will be used to supplement working capital, which will enhance the company's financial strength, help the company actively promote the full recovery of production and operation, meet the capital needs of future business growth, and enhance the company's comprehensive competitiveness.
2. Supplement equity capital, optimize the asset-liability structure, improve risk resistance, and help the company develop high-quality.
Baiyun Airport has a natural network advantage covering Southeast Asia, connecting Europe, America and Australia, and radiating major cities in the mainland. With its unique geographical location and a well-defined transportation system by sea, land and air, it has developed into a core hub airport in the Guangdong-Hong Kong-Macao Greater Bay Area, and is listed as one of the three major international hub airports in China along with Capital Airport and Pudong Airport. The company conforms to the development trend of the industry, continues to focus on its main business, integrates multiple resources around the company's business objectives, and continuously improves the company's profitability and comprehensive competitiveness. The company's business development requires long-term financial support. This issuance will effectively supplement the company's equity capital, improve its financial situation, and provide continuous support for the company's talent introduction, market coverage and business expansion. At the same time, the company's capital structure will also be optimized, and its risk resistance will be improved, which is conducive to the company's sustainable development.
3. The controlling shareholder subscribed in full, sending a positive signal and boosting market confidence.
The company issued A-shares to specific objects this time, and the controlling shareholder Airport Group was the only issuing object to fully subscribe, which will help send a positive signal to the market, demonstrate the airport group's firm confidence in the future development of the listed company, and help boost market confidence and safeguard the interests of small and medium shareholders.
Previously, Baiyun Airport had just released its performance forecast for the first half of 2024, and it is expected that operating performance will grow, and the net profit attributable to shareholders of the listed company will be 400 million to 490 million yuan.
Baiyun Airport said that with the gradual recovery of aviation market demand, Baiyun Airport's production and operation data increased significantly compared with the same period last year, achieving 248,400 aircraft take-offs and landings, 36.6528 million passenger throughput, and 1.1405 million tons of cargo and mail throughput, up 15.17%, 26.67%, and 25.53% year-on-year, respectively, driving the company's aviation business and related aviation extension business revenue growth.