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Tencent to use notes for investment
By Ding Yining |
November 15, 2011, Tuesday
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Print Edition
Print Edition
TENCENT Holdings, China's largest Internet company by sales, may make a "strategic investment" using funds raised from selling notes.
The proceeds of the US dollar-denominated notes will be used for "working capital, replacing some of the short-term borrowings, and also for potential strategic acquisitions," the company said in a filing to the Hong Kong stock exchange yesterday.
An investor relationship official in Tencent's Shenzhen office could not be reached for comment yesterday.
The Singapore Exchange Securities Trading Ltd has given in-principle approval for the notes' listing, the filing said, without disclosing the size and timing of the issue.
Banks including Goldman Sachs, Deutsche Bank AG and Credit Suisse will manage the notes offering.
Tencent is seeking opportunities after investing in various sectors including Internet security, online travel booking, online game developing and film making this year.
It paid US$115 million for 15.68 percent in Hong Kong-listed software developer Kingsoft Co and US$69 million for 4.5 percent in Shenzhen-listed film maker Huayi Brothers Media Corp. It paid US$84.4 million for 16 percent in online travel booking website eLong.
The proceeds of the US dollar-denominated notes will be used for "working capital, replacing some of the short-term borrowings, and also for potential strategic acquisitions," the company said in a filing to the Hong Kong stock exchange yesterday.
An investor relationship official in Tencent's Shenzhen office could not be reached for comment yesterday.
The Singapore Exchange Securities Trading Ltd has given in-principle approval for the notes' listing, the filing said, without disclosing the size and timing of the issue.
Banks including Goldman Sachs, Deutsche Bank AG and Credit Suisse will manage the notes offering.
Tencent is seeking opportunities after investing in various sectors including Internet security, online travel booking, online game developing and film making this year.
It paid US$115 million for 15.68 percent in Hong Kong-listed software developer Kingsoft Co and US$69 million for 4.5 percent in Shenzhen-listed film maker Huayi Brothers Media Corp. It paid US$84.4 million for 16 percent in online travel booking website eLong.
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