Reuters Hong Kong, August 18 --- Weichai Power Co., Ltd., China's largest diesel engine manufacturer, announced that it has obtained approval for the proposed issuance of bonds with a total principal amount of RMB 1.3 billion in China. If the proposal is implemented, it is expected that It will be held on the 24th of this month.
The bonds have a term of five years and will be listed and transferable on the China Interbank Bond Market. The redemption date is August 25, 2014.
The proceeds will be used to repay bank loans and invest in its own diesel engine project.
At the special general meeting of shareholders in February, Weichai Power was authorized by the board of directors to authorize the issuance of a batch of bonds in excess of or in excess of RMB 2,700 million within two years from the relevant registration. The company’s statement stated that China Merchants Bank has officially authorized the establishment of syndicated bonds and underwriting for the issuance of medium-term bonds of RMB 2.7 billion.
Weichai Power A and H shares suspended trading on Monday. Prior to the suspension, their H shares closed at HK$38 last Friday, up 18.75% over the past month.
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