Wuzhou International (01369) said it agreed to issue an aggregate of US$100 million principal amount of 7% convertible notes due 2019 in two tranches.
The initial conversion price of HK$1.78 per share represents a premium of 7.88% to the closing price of HK$1.65. Assuming full conversion of the notes, the notes will be convertible into 436 million shares, representing about 8.56% of the enlarged issued share capital of Wuzhou International.
The net proceeds of about US$98.75 million will be used for investing in existing and new projects including expansion of the logistics business and/or other general corporate finance purposes.
Besides, Wuzhou International entered into a strategic cooperation agreement with Ping An Real Estate Company Limited for a term of 5 years. Ping An Real Estate, in addition to the corporate-level investment through the notes, intends to make strategic investments of up to Rmb1.5 billion in aggregate in Wuzhou International's future specialized wholesale markets and logistics projects.
Trading in shares of Wuzhou International will be resumed this morning.
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