Biz Scene: Market
China Daily | Updated: 2007-09-25 07:23
Bond purchase
Shanghai Automotive Co, China's largest carmaker, said yesterday its State parent will take up at least one-tenth of an 8 billion yuan convertible bond it plans to offer.
The parent, SMIC Motor Corp, has officially notified the listed firm that it will pay 800 million yuan to subscribe for at least 800 million units, or a tenth of the total planned offer, it said in a statement.
Shanghai Auto, a local partner of General Motors and Volkswagen AG, said in July it planned to issue the bonds with detachable warrants to fund the development of cars bearing its own brand.
(China Daily 09/25/2007 page15)
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