May 7, 2009 / 11:31 PM / 9 years ago

China's BOE gets approval for share placement deal

SHANGHAI, May 8 (Reuters) - Chinese liquid crystal display maker BOE Technology Group 000725.SZ said on Friday it had won regulatory approval to place no more than 5.5 billion new shares to select investors.

In a statement, BOE did not give the timetable or other details for the share placement which still needs shareholders’ approval.

The firm said in November 2008 it would place between 2.7 billion and 5.5 billion new shares at a price of at least 2.20 yuan each with up to 10 strategic investors and other buyers.

Money raised would be used to build an LCD manufacturing plant in cooperation with the local government in the eastern Chinese city of Hefei and to replenish the company’s working capital.

Reporting by Fang Yan and Jacqueline Wong

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