Sailun issues €280m bonds to support overseas projects

Shanghai, China – Sailun Tire has issued Yuan2 billion (€280 million) worth of A-share convertible bonds to support its ongoing projects overseas.

The Chinese tire maker issued just over 20,000 bonds with the face value Yuan100 each, according to a company filing with the Shanghai Stock Exchange 30 Oct.

All the funds raised, the statement added, will be used in expansion projects at the company’s overseas projects in Vietnam and Cambodia.

Of the amount, Yuan1.4 billion will go towards the ongoing project at the company’s tire production facility Vietnam’s Go Dau, Tay Ninh province.

The project will see production capacity at the plant raised to 3 million sets of semi-steel radial tires and 1 million sets of all-steel tires and 50,000 tonnes off-highway tires.

Another Yuan600 million will support an existing project to raise production capacity in Svay Rieng, Cambodia, to 9 million units of semi-steel radial passenger car tires per year.