China SAIC Motor to offer 8 bln yuan 3-year bills

SHANGHAI, May 28 (Reuters) - SAIC Motor Corp (600104.SS), China's biggest car maker, said on Wednesday it would issue up to 8 billion yuan ($1.2 billion) of three-year corporate bills to fund expansion and repay loans taken out by subsidiaries.

The company will make an initial issue of 4 billion yuan of bills, it said without elaborating. A shareholders' meeting has been called for June 17 to approve the plan.

SAIC also said it would provide a guarantee enabling its 51.33 percent-owned South Korean subsidiary, Ssangyong Motor Co (003620.KS), to extend for another year a $200 million working capital facility provided by two major Chinese banks. ($1 = 6.95 Yuan) (Reporting by Rujun Shen; Editing by Keiron Henderson)