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CSR seeks funds after getting major contracts

By Wei Tian | | Updated: 2013-01-29 15:26

China South Locomotive & Rolling Stock Corp Ltd, the world's largest maker of electric locomotives, is raising funds after getting huge contracts.

The company issued 1 billion yuan ($159 million) of ultra-short-term bonds on Friday, after a similar issuance of 2 billion yuan in December.

The bond issues came after CSR announced a total of 22.3 billion yuan worth of contracts over the past month.

That includes contracts worth 10 billion yuan, announced on Jan 12, which involve clients such as Argentina's government, energy giant Shenhua Group, and the Shenzhen metro system.

CSR also announced a 5 billion yuan contract on Dec 29, and a 7.23 billion yuan contract on Dec 13.

Analysts with Sealand Securities said CSR will benefit from the growing number of orders after bidding for locomotives accelerated in the second half of 2012.

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