Pudong Development Group to issue RMB 3 bln in financing bills

Published: 26 Oct 2009 19:41:13 PST

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Oct. 27, 2009 (China Knowledge) - Shanghai Pudong Development (Group) Co Ltd will issue RMB 3 billion in short-term financing bills with a maturity of 365 days on the interbank market on Oct. 29, sources reported.

The proceeds of the issuance will be used to replenish the group's working capital and optimize the firm's financing structure.

Shanghai Brilliance Credit Rating & Investors Service Co Ltd has rated the issuer and the bills AA+ and A-1, respectively.

Bank of Communications<601328><3328> has been hired to manage the sale.

Shanghai Pudong Development is one of the major state-owned enterprises in the Pudong New Area of Shanghai. It is responsible for the construction, investment and management of the key projects of the local government.