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State Grid seeking approval for 170b yuan in bonds

By Li Jing (chinadaily.com.cn)
Updated: 2009-03-19 14:18

The State Grid Corporation of China (SGCC), the country's biggest power supplier, is seeking approval to issue up to 170 billion yuan ($24.85 billion)?worth of bonds and notes in 2009, Oriental Morning Post reported on Thursday.

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The debt issuance plan includes 80 billion yuan in corporate bonds for construction of the power grid, and 90 billion yuan in medium-term notes, the Shanghai-based newspaper said.

Once approved by the regulator, the bonds will become the biggest-ever issue by a domestic company.

The move aims to help SGCC meet its huge financing demand for power grid operation and massive investment. The company plans to invest a total of 260 billion yuan this year, it said earlier this month.