Haitong International Securities Group (00665) said it agreed to place an initial aggregate principal amount of HK$776 million 1.25% convertible bonds due 2019 and an additional HK$388 million aggregate principal amount of 1.25% convertible bonds due 2019 under an option.
The initial conversion price of HK$6 per share represents a premium of around 30.15% over the last closing price of HK$4.61. Assuming full conversion of the firm bonds and option bonds, the shares to be issued will represent about 5.61% and 2.8% of the enlarged issued share capital of Haitong.
The estimated net proceeds of about HK$759 million to HK$1,142 million will be used by the Group to fund the expansion of business operations and for general corporate purposes.
Haitong has applied for the resumption of trading in shares on 27 October.
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