Chairman and CEO of HKND, Wang Jing, has announced that his company are planning to launch an initial public offering (IPO) to fund the US$50billion Nicaragua Canal.
PTI previously reported that the company had only raised $200 million so far for the project, while facing early setbacks during the canal’s construction.
According to the Journal of Commerce, Mr. Wang Jing did not reveal any details as to which stock market would be used to launch the IPO, when it would happen or how much HKND hoped to raise.
However, Wang said that HKND are preparing a prospectus outlining who is likely to be investing in the project.
The prospectus will need to include funding issues, identify the major investors and how the proposed canal will affect Lake Nicaragua during construction.
Key feasibility studies have been postponed to April, 2015 but Mr. Wang Jing is convinced that all major challenges have been overcome.
Wang Jing said: “In more than two years, the doubts and speculations on the canal project about protection of the environment, resettlement, technology, machinery, finance, law, politics, experience, equipment, etc. never stopped. Today we proudly announce that we have overcome all those challenges.”
