Daqin Railway to sell US$2.2b in bonds
30 May 2008
Daqin Railway, operator of China's biggest coal transport network, plans to raise US$2.2 billion through a bond sale, Bloomberg reported. The proceeds will be used to buy wagons and locomotives. According to a statement released by Shanghai-listed Daqin, it intends to purchase 8,000 cars for US$633 million. The bonds will range in maturity from seven to 10 years. Daqin, which carried 19% of China's coal in 2007, saw its profits for the year rise 38% over 2006.