Foton Motor board approves 1 bln yuan bond issue
BEIJING (XFN-ASIA) - Beiqi Foton Motor Co Ltd (SHA 600166) said its board has approved the issue of up to one bln yuan worth of five-year fixed-rate bonds.
About 400 mln yuan of the proceeds will be used to pay down bank loans, while the remainder will supplement working capital, the company said in a statement filed with the Shanghai Stock Exchange.
The yield for the bonds will be determined by the company and underwriters later, and shareholders will vote on the plan at a meeting on Nov 28, the company added.
No further details were given.
In August, the company signed a letter of intent with Daimler AG to form a 50-50 joint venture to develop and produce medium and heavy-duty trucks in China.
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