Geely sa cocktail dresses ys bond issuance not for Volvo bid
Geely sa cocktail dresses ys bond issuance not for Volvo bid
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Geely says bond issuance not for Volvo bidPublished: 17 Sep 2009 18:16:23 PST
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Sep. 18, 2009 (China Knowledge) - Geely Automobile Holdings Ltd<0175>, a major domestic auto maker in China, is planning a convertible bond and warrant issue, but the move is not related to the possible purchase of Ford Motor Co's Volvo unit, Reuters reported.
Lawrence Ang, Geely's executive director, confirmed the report of a planned issuance but said it is unrelated to Volvo.
Shares of Geely were suspended from trading yesterday in the Hong Kong Stock Exchange pending a statement about plans for the proposed bond issuance.
Geely may use the proceeds from the issuance to increase production capacity, said some analysts.
The company last week confirmed that its parent is likely to team up with some state-owned investment company on a bid for Volvo. The deal, if successful, would boost Geely's profile and give it access to Volvo technology.
Shares of Geely dropped 2.72% to end at HK$1.79 on Tuesday.
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