Global Bio-chem Technology (00809) said it agreed to place about 3,136 million new shares and convertible bonds in an aggregate principal amount of about HK$1.09 billion to Modern Agricultural Industry Investment Limited at HK$0.23 apiece, representing a discount of about 31% to the closing price of HK$0.335.
The estimated net proceeds of about HK$1.8 billion will be applied for business development, relocation expenses and general working capital purpose of the Group.
The subscription shares represent about 49% of the enlarged issued share capital of Global Bio-chem. Assuming full conversion of the convertible bonds and the subscription rights attaching to the outstanding options were not exercised at all, the subscriber will hold about 70.74% stake.
The subscriber is an indirect wholly-owned subsidiary of Jilin Province Modern Agricultural Industry Investment Fund (LLP), which is an agricultural fund established in the PRC.
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