SHANGHAI, April 9 (Reuters) - Shanghai Zhenhua Port Machinery (600320.SS: Quote, Profile, Research) said on Wednesday that it planned to issue 2 billion yuan ($285.7 million) worth of new shares in a private share placement to acquire control of two units from its parent.

 

Zhenhua's (900947.SS: Quote, Profile, Research) state-owned parent China Communications Construction Co will subscribe to the shares in the placement, which is aimed at boosting Zhenghua's manufacturing operations and exports, it said.

 

Zhenhua said it planned to issue up to 140 million shares to its parent to take control of a sales and service unit and a 60 percent stake in another industry service provider.

 

The additional shares will be priced at 17.78 yuan apiece, or the average price over the past 20 trading days, Zhenghua said in a statement sent to the Shanghai Stock Exchange.

 

The company's A-shares closed at 15.49 yuan on March 27 before trading was suspended pending a statement.

 

The deal is subject to shareholder and regulatory approval. ($1=7.000 Yuan) (Reporting by Alfred Cang; Editing by Ken Wills)