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Fuyao Glass planning to issue at most 1.4 billion Yuan short-term financing

Post Time:May 09,2008Classify:Company NewsView:339

On May 8th, Fuyao Glass convened a general meeting of shareholders, discussing and approving its proposal to issue a short-term financing of not more than 1.4 billion Yuan.

Chen Yuedan, the Secretary of the board, told reporters that the company will apply to National Association of Financial Market Institutional Investors (NAFMII) for issuing short-term financing bonds of not more than 1.4 billion Yuan, with the useful-life at most 365 days. The bonds will be issued once or serially before NAFMII’s approval and in the extent of the highest balance. The fund raised from short-term financing bonds will be used for displacing a part of bank loans and complementing circulating fund for production and management.

Once on February 25, Fuyao Glass announced that they would plan to openly issue A shares not more than 100 million. However, in view of the benefits of small and middle shareholders, the balanced benefits between shareholders and the company, and the market conditions, on February 29, Fuyao Glass called off the decision of new issuance prior to financing.

Source: GlassInChinaAuthor: admin

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