China Zhonghua Geotechnical Engineering Group (SHE:002542) plans to apply for the issuance of medium-term bonds of up to 800 million yuan with the National Association of Financial Market Institutional Investors, according to a Shenzhen bourse filing on Tuesday.
The bonds will have a term of five years.
The Chinese engineering services provider will use the proceeds of the issuance to pay debt, supplement its working capital, and fund the construction of projects.
The company's shares surged 10% in recent trade.
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