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SAIC to offer 8 bln yuan bills to fund expansion

From Reuters| May 28 , 2008 09:52 BJT

SHANGHAI, May 28 (Reuters) - SAIC Motor Corp, China's biggest car-maker, said on Wednesday it would issue up to 8 billion yuan ($1.2 billion) of three-year corporate bills to fund expansion and repay loans taken out by subsidiaries.

The company will make an initial issue of 4 billion yuan of bills, it said without elaborating. A shareholders' meeting has been called for June 17 to approve the plan.

SAIC also said it would provide a guarantee enabling its 51.33 percent-owned South Korean subsidiary, Ssangyong Motor Co, to extend for another year a $200 million working capital facility provided by two major Chinese banks.

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