China Communications Construction Co. Ltd. (1800.HK) plans to sell convertible bonds worth up to 20 billion yuan (US$3 billion) that can be converted to A shares listed on the Shanghai Stock Exchange.
The convertible bonds will be issued for a term of six years and will offer an annual interest rate that will be determined by market conditions and the underwriters for the sale, China Communications said in a regulatory filing with the Hong Kong Exchange late Tuesday.
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The company will use the proceeds for infrastructure investments and purchase of engineering ships and mechanical equipment.
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(END) Dow Jones Newswires
September 26, 2017 20:49 ET (00:49 GMT)