Beiqi Foton plans equity offering
(chinatrucks.com, Jan.4, 2010)According to the report, commercial vehicle producer Beiqi Foton Motor plans to raise Yuan 2.5bn (US$367m) through selling additional shares to fund technology upgrades on its heavy duty trucks.
Beiqi Foton, an affiliate of Beijing Automotive Industry Group, plans to sell not more than 160 million shares at Yuan 17.76, the company has outlined in a statement to the Shanghai Stock Exchange.
Some of the proceeds are targeted to be used to buy equipment in Foton's Yuan 2.08bn plant in the Huairou district of Beijing, which is set to produce new GTL pick-ups and Ouman-branded heavy duty trucks with an annual output of 60,000 units.
Part of the proceeds will also be invested to improve spare parts and assembly lines for Ouman-branded heavy duty trucks in another factory in Beijing.
In October 2009, Beiqi Foton announced plans to issue as much as Yuan 1bn of five-year fixed-rate bonds, with around Yuan 400m to be used to pay bank loans and the rest spent on increasing working capital and improving the company's financial structure.
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