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China Everbright proposes up to 300m yuan bond sale in China

MAINBOARD-LISTED China Everbright Water is looking to sell up to 300 million yuan (S$58.2 million) worth of secured bonds in China.

The company on Thursday evening said it has applied to the Shanghai Stock Exchange to seek approval for the possible issuance of the asset-backed securities by a wholly-owned subsidiary to qualified investors.

The bonds are proposed to be issued under an asset-backed securities scheme which will be managed by Orient Minerva Asset Management.

China Everbright said the potential issue is subject to, among other things, the bourse’s approval as well as prevailing market conditions.

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Details of the scheme and proposed terms of the bond will be disclosed if the company decides to proceed with it.

It advised its shareholders and potential investors to exercise caution when dealing in its shares.

Shares of China Everbright Water, which is dual-listed on the Hong Kong bourse, closed at S$0.315 on the Singapore Exchange on Thursday, down 0.5 cent or 1.6 per cent, before the announcement.