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Beijing North Star gains shareholder approval on debt issuance, final dividend

Beijing North Star Co. Ltd. gained approval for the proposed offering of at most 2.00 billion Chinese yuan bonds and a final 2016 dividend, among the approval of other resolutions, at an annual general meeting held June 1.

A final dividend of 6 Chinese fen per share was approved by the board during the meeting.

Shareholders of H shares will receive their due distributions in Hong Kong dollars, with a per-share payout of 6.8 Hong Kong cents expected. The company applied a currency exchange ratio of HK$1.00 to 88.22 fen, based on an average mean rate provided by The People's Bank of China from May 22 to May 26.

Meanwhile, the dividend distribution for holders of A shares and southbound traded H shares will be paid out in Chinese yuan.

In addition, a special resolution was passed on the company's mandate to issue perpetual medium-term notes not exceeding 4.00 billion yuan.

As of June 1, US$1 was equivalent to 6.80 Chinese yuan.