Top Biz News

China State Construction to issue up to $3b bills

(Agencies)
Updated: 2010-03-16 10:43

SHANGHAI - China State Construction Engineering Corp, the country's largest homebuilder, said on Tuesday it planned to issue up to 20 billion yuan ($2.93 billion) worth of bills.

Related readings:  China State Construction sales up 71.5% in first two months  CSCEC wins orders worth 224.7b yuan  CSCEC inks $1.9b Bahamas deal  Shares of CSCEC jump 56.22% on debut

The funds raised by the bills, with a maturity of no more than 10 years, would be used to supplement working capital and pay back bank loans, the company said in a statement filed to the Shanghai Stock Exchange.

It did not give details on the timing or pricing of the issue, which will require approval from a shareholders meeting scheduled for April 9.

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