China Communications Construction plans up to RMB 40 billion of bonds

By Marisa Wong

Madison, Wis., Dec. 31 - China Communications Construction Co. Ltd. said it plans to issue mid- to long-term bonds, short-term bonds and asset-back securities. The company's board of directors approved the proposed issuances at a meeting on Tuesday.

The company is looking to issue up to RMB 20 billion of mid- to long-term bonds, up to RMB 10 billion of short-term bonds and up to RMB 10 billion of asset-backed securities.

The proposed issues are subject to shareholders approval at an upcoming extraordinary general meeting.

Proceeds will be used to replenish working capital, repay loans, optimize liability structure and help fund the construction of projects.

The construction company is based in Beijing.

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