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BYD subsidiaries return part of idle funds used as supplementary working capital ahead of schedule

Monika From Gasgoo| December 05 , 2018

BYD return idle funds supplement working capital, BYD equity investment project, China automotive news

Shanghai (Gasgoo)- China-based automaker BYD announced on December 3 that it has returned part of idle funds raised used to provisionally supplement working capital ahead of schedule.

According to the announcement, BYD's board of directors agreed a resolution on August 7 that allowed its wholly-owned subsidiary Qinghai BYD Lithium Battery Co.,Ltd to employ RMB620 million worth of idle funds to temporarily supplement its working capital with a validity period from August 7, 2018 to August 6, 2019.

Then BYD's board of directors passed another resolution on August 14 that permitted its two subsidiaries--Shenzhen BYD Lithium Battery Co.,Ltd and BYD Auto Industry Co.,Ltd to use RMB373 million and RMB1.527 billion worth of idle funds raised respectively as supplementary working capital with a validity period from August 14, 2018 to August 13, 2019. The idle funds used as supplementary working capital should be returned to the special account for raised proceeds when deals expire. 

BYD said in the latest announcement that Qinghai BYD Lithium Battery Co.,Ltd, Shenzhen BYD Lithium Battery Co.,Ltd, BYD Auto Industry Co.,Ltd have already returned RMB120 million, RMB173 million and RMB550 million worth of idle funds used as supplementary working capital to the special account ahead of schedule to support the construction of equity investment projects and informed company's sponsor and sponsor representatives of the money-return details. The balance of idle funds will be duly returned. 

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