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China Molybdenum plans 8B yuan bond issue

A controlling shareholder in China Molybdenum Co. Ltd. has put forward a proposal for an 8 billion Chinese yuan corporate bond issue.

According to a June 5 Hong Kong Stock Exchange filing, Cathay Fortune Corp., which owns a 31.58% stake in the company, suggested for China's largest molybdenum producer to issue eight-year bonds worth 100 yuan each.

The bond issue would raise cash to repay debt and replenish working capital.

China Molybdenum is in support of the proposal and is recommending shareholders vote in favor of the move at the annual general meeting June 28.

The company believes the bond issue will be beneficial to the optimization of its debt structure, lowering the pressure from the repayment of short-term loans and enhancing capital flexibility.

As of June 5, US$1 was equivalent to 6.80 Chinese yuan.