Prime News: Buffett-backed Chinese automaker BYD plans up to $1.9 billion placement: IFR

BYD Co Ltd, backed by Warren Buffett’s Berkshire Hathaway Inc, plans to raise up to $1.9 billion in a share offering in mainland China, IFR reported.

The private placement aims to raise between 10 billion yuan and 12 billion yuan, with a placement proposal out in early June, added IFR, a Thomson Reuters publication.

Shares of the carmaker were halted in Shenzhen on Monday at the company’s request after it unveiled plans for a possible private placement, while trading in Hong Kong was halted on Tuesday, following a holiday the previous day. The company disclosed no details of the placement.

The material has been provided by InstaForex Company –