China Cinda asks shareholder approval for tier 2 capital bond issue

By Mary-Katherine Stinson

Lexington, Ky., July 8 – China Cinda Asset Management Co., Ltd. plans to issue up to RMB 10 billion tier 2 capital bonds and will seek shareholder approval of the issuance plan at its upcoming extraordinary general meeting, according to a company announcement.

The meeting will be held on July 25.

The shareholders are being asked to approve the company’s issuance plan which calls for an issue of up to RMB 10 billion tier 2 capital bonds issued in one or several tranches intended for the domestic market.

The bonds shall be issued with a tenor of not less than five years with a conditional issuer redemption right to redeem all or part of the bonds at par either at the end of the fifth or tenth year.

Proceeds from the issuance are to be used to provide working capital.

Beijing-based China Cinda Asset Management provides asset management, consulting, investment, financial and risk management services to individuals and businesses.

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