China's Shenzhen Expressway plans to issue short-term paper up to 2.4 billion yuan

By Reshmi Basu

New York, Aug. 11 - Shenzhen Expressway Co. said it plans to issue short-term commercial paper up to 2.4 billion yuan, having received approval from its board of directors.

The company will next ask for shareholders' approval at its general meeting.

The commercial paper will be issued to institutional investors, who participate in the inter-bank debt market in the People's Republic of China.

Proceeds will be used for working capital and for the reduction of financing costs.

The issuer, based in Shenzhen, Guandong Province, is principally engaged in the investment, construction, operation and management of highways and roads.

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