26 Aug '11, 9am

China's BYD to raise up to US$938.8m in bond sale

SHANGHAI : Chinese car maker BYD, which is backed by US investment titan Warren Buffett, said Friday it plans to sell up to six billion yuan (US$938.8 million) in bonds to repay loans and boost its coffers. The announcement comes after BYD reported this week that first-half net profit slumped 89 percent on year to 275.4 million yuan due to stiff competition and the cancellation of government subsidies for car purchases. It said the bonds will have a maximum maturity of 10 years and the issuance is subject to shareholder and regulatory approval, according to a statement filed to the stock exchange in the southern Chinese city of Shenzhen. The proceeds "will provide the company with a source of medium and long-term" funding and will be used to "repay bank loans and supplement the company's working capital," it said. The firm, also listed in Hong Kong, began as a manufacturer...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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