Taiwan's China Motor plans $120 mln convertibles

Newswire

TAIPEI, Aug 26 (Reuters) - Taiwan's largest car producer, China Motor Corp , said on Tuesday its board had approved a plan to issue up to US$120 million worth of convertible bonds overseas. Proceeds from the five-year, zero coupon rate bond will be used to buy raw materials overseas, the company said in a statement to the Taiwan Stock Exchange. (US$ = T$34.20)

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