07-05-2008

Jianghuai Automobile Co Ltd, China's second-largest light commercial vehicle maker, will issue RMB 1.6 billion (US$232 million) worth of convertible bonds to help fund expansion, according to the company's statement to the Shanghai Stock Exchange. The six-year bonds along with detachable warrants will be sold exclusively to A-share investors, the statement said. The proceeds will be used for six automotive projects valued at RMB 3.02 billion, including updating new models and extending production volume of hardcore auto components.

The Anhui province-based carmaker plans to make an extra 100,000 A-class sedans and 60,000 multi-purpose vehicles each year. It will also add annual capacity of 100,000 automatic gearboxes and 260,000 transmissions.

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