China: Beijing Yanjing Brewery’s bond issuance application approved by regulatory authorities

The China Securities Regulatory Commission has approved the convertible bond issuance application of Beijing Yanjing Brewery, Secutimes.com reported on August, 25, citing a company filing.

Earlier the brewer said in a filing it planned to raise a maximum of 1.13 billion yuan through the issuance of the convertible bonds.

The funds raised are expected to be invested in six production expansion projects to boost the company’s beer production capacity by 600,000 kiloliters in total, the company said.

In addition, Beijing Yanjing Brewery is currently working on the acquisition of Yueshan Brewery, the third largest brewery in Henan province.

Shares of Beijing Yanjing Brewery were suspended from trading on August, 25.

25 August, 2010