Asia Cement Corp (1102.TW) said its board of directors has approved the sale of US$250m of exchangeable bonds.  
 
The underlying securities for the 5-year, zero-coupon debt instrument are Asia Cement’s holdings of common shares of  Far Eastern Textile Ltd or  U-Ming Marine Transport Corp, it said in a filing with the stock exchange.  
 
Proceeds will be used to finance overseas procurement of materials and for domestic investments, it added.  
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