Datang Power says bond sale approved

Datang International Power Co, the second-largest listed power company in China, said Monday that its plans to sell US$437 million worth of corporate bonds had been approved, Reuters reported, citing the Shanghai Securities News. The issuance is the first batch in a planned bond sale of US$874 million by Datang. The company said in July that it would issue 10- to 15-year corporate bonds to repay bank loans and boost its working capital. The bonds will be listed on the Shanghai Stock exchange, and should be floated within six months of approval.