Shanghai Electric plans up to RMB 6 billion six-year convertibles

By Marisa Wong

Madison, Wis., June 5 – Shanghai Electric Group Co. Ltd. announced it plans to issue up to RMB 6 billion of A share convertible bonds.

The bonds will have a maturity of six years and will be offered at par.

Proceeds will be invested in power plant projects located in Iraq, India and Vietnam.

The convertible bonds were approved by Shanghai Electric’s board of directors on Thursday and are subject to shareholders’ approval at an upcoming general meeting.

Shanghai Electric also announced on Thursday that it has decided to abandon its previously proposed issuance of RMB 2 billion corporate bonds.

The power generation and equipment manufacturing company is based in Shanghai.

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