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China Communications Construction to issue A-share convertible bonds

China Communications Construction Co. Ltd. said in a Sept. 26 filing to the Hong Kong stock exchange that it is planning to issue A-share convertible bonds for up to 20 billion Chinese yuan to fund various projects and equipment purchases.

The convertible bonds will mature in six years and will be convertible into the company's yuan-denominated A-shares, with the actual initial conversion price to be determined by the company's board. The controlling shareholder, CCCG, will have pre-emptive rights to subscribe to convertible bonds for as much as 17.58 billion yuan under the issue.

The company said it will allot 12.17 billion yuan for infrastructure investments with the rest of the proceeds to be used for purchasing engineering ships and equipment.

As of Sept. 26, US$1 was equivalent to 6.63 Chinese yuan.