Huajun Holdings (00377) said it agreed to issue redeemable 10% fixed coupon convertible bonds for an aggregate principal amount of HK$350 million for a term of one year.
The initial conversion price of HK$0.85 represents a premium of about 73.5% to the closing price of HK$0.49. Upon exercise in full of the conversion rights, a maximum of 412 million conversion shares will be allotted and issued, representing about 6.36% of the enlarged issued share capital of Huajun.
The estimated net proceeds of about HK$349 million will be used as general working capital to strengthen the financial position of the Group.
Each of PYI Corporation (00498) and China Strategic (00235) agreed to subscribe for convertible bonds in the aggregate principal amount of HK$175 million respectively.
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