Sale of extra shares to fund growth
By Pan Xiaoyi |
January 8, 2011, Saturday
|
Print Edition
Print Edition
CHONGQING Changan Automobile Co yesterday said it will raise 4 billion yuan (US$604 million) through a sale of additional shares to fund the expansion in minivan production and small engine projects.
The Chinese partner of Ford Motor Corp and Mazda Motor Corp plans to issue up to 20 percent of its existing 2.3 billion outstanding shares at 9.74 yuan each, according to a statement filed to the Shenzhen Stock Exchange yesterday.
The minivan maker said 1.64 billion yuan will be used to increase the capacity at its plant. Another 1.98 billion yuan will be invested in upgrading engineering capability in small engines, and 380 million yuan will be used to develop self-branded cars.
In a separate statement, Changan Automobile's parent will get a free 38.14 percent stake in a diesel engine maker. But the parent will invest 6 billion yuan in the next five years in Shenzhen-listed Kunming Yunnei Power to double its production capacity to 1.2 million units annually.
The first phase of the 300,000-unit facility will start output at the end of 2013, and the second phase will be operational in 2015.
The Chinese partner of Ford Motor Corp and Mazda Motor Corp plans to issue up to 20 percent of its existing 2.3 billion outstanding shares at 9.74 yuan each, according to a statement filed to the Shenzhen Stock Exchange yesterday.
The minivan maker said 1.64 billion yuan will be used to increase the capacity at its plant. Another 1.98 billion yuan will be invested in upgrading engineering capability in small engines, and 380 million yuan will be used to develop self-branded cars.
In a separate statement, Changan Automobile's parent will get a free 38.14 percent stake in a diesel engine maker. But the parent will invest 6 billion yuan in the next five years in Shenzhen-listed Kunming Yunnei Power to double its production capacity to 1.2 million units annually.
The first phase of the 300,000-unit facility will start output at the end of 2013, and the second phase will be operational in 2015.
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