Henan Tongli plans share issuance, China

Henan Tongli Cement Co Ltd plans to issue 48m shares to China United Cement Group Corp at CNY6.32 per share via a private placement, according to company announcement yesterday.

The central China-based producer intends to spend CNY303m worth of proceeds from the issuance to repay bank loans and replenish working capital. The placement is pending approval by the China Securities Regulatory Commission.