Shandong Chenming Paper (HKG:1812) announced that a resolution for the company to issue RMB corporate bonds of not more than RMB4 billion was passed by its shareholders during the annual general meeting held yesterday. The bonds will be issued through a public offer and the shareholders of the company have no pre-emptive rights to subscribe for them.

The proceeds from the bond issue will be mainly used to re-finance short-term bank loans and optimise the debt structure of the company.