Foton won regulatory approval for an issue of new shares

Chinese truck maker Beiqi Foton Motor Co said yesterday it has won regulatory approval for an issue of new shares.

It said the approval by the China Securities Regulatory Commission was subject to certain conditions but gave no further details.

In December, the company said it would place as many as 111.2 million new shares, equal to about 12 percent of its expanded share capital, with up to 10 institutional investors at 9.88 yuan per share.

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