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ZHEJIANG EXPRESSWAY CO., LTD
(A joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock code: 0576)
ISSUE OF SUPER SHORT-TERM COMMERCIAL PAPER
Reference is made to the announcement of Zhejiang Expressway Co., Ltd. (the "Company") dated 17 March 2016 and the circular of the Company dated 22 March 2016 in relation to the proposed issue of super short-term commercial paper.
As approved by a special resolution of the shareholders of the Company at its annual general meeting held on 6 May 2016, the Company may, upon the approval by the National Association of Financial Market Institutional Investors (the "Association"), issue within the People's Republic of China super short-term commercial paper with an aggregate principal amount of no more than RMB1.5 billion and for a term of no more than 270 days.
On 3 August 2016, the Company received a "Notification on Acceptance of Registration" from the Association dated 20 July 2016 accepting the registration of the Company's super short-term commercial paper. The aggregate registered amount of RMB1.5 billion is effective within two years from the issuance date of the notification. The super short-term commercial paper may be issued in tranches within the effective period of registration.
The board of directors of the Company announces that, on 12 October 2016, the Company has completed the issuance of the second tranche of its super short-term commercial paper in the sum of RMB800 million with a maturity date of 91 days from the next day of issuance at the interest rate of 2.78% per annum (the "Second Tranche SPC"). The proceeds from the issuance of the Second Tranche SPC will be used to repay the borrowings of the Group and replenish operating capital of the Group.
On behalf of the Board
ZHEJIANG EXPRESSWAY CO., LTD.
Hangzhou, PRC, 13 October 2016
As of the date of this announcement, the executive directors of the Company are: Mr.ZHAN Xiaozhang, Mr. CHENG Tao and Ms. LUO Jianhu; the non-executive directors of the Company are: Mr. WANG Dongjie, Mr. DAI Benmeng and Mr. ZHOU Jianping; and the independent non-executive directors of the Company are: Mr. ZHOU Jun, Mr. PEI Ker-Wei and Ms. LEE Wai Tsang Rosa.