Chinese carmaker Shanghai Automotive Industry Corp. (SAIC) plans
to issue convertible bonds worth eight billion yuan (US$1.04
billion) to finance the development of its own-brand cars, the
China Securities Journal reported on Wednesday.
The bonds, convertible into shares of the SAIC and with attached
warrants entitling the purchase of shares, are expected to raise up
to 16 billion yuan.
The fund raised will be used to build its own brands, make
commercial vehicles, develop auto financing business and payback
bank loans.
For more details, please read the full story in Chinese (http://www.cs.com.cn/zq/01/200707/t20070725_1168365.htm).
(China.org.cn July 25, 2007)
