Xiwang Special Steel Company Limited (01266) said the company entered into a placing agreement with a placing agent. The placing agent has agreed to act as placing agent, on a best effort basis, for the purposes of procuring placees to subscribe in cash for the bonds with an aggregate principal amount of up to HK$50 million during the placing period.
The interest is 7% per annum. The maturity date is the first anniversary of the date of issue of the bonds. The company intends to apply the net proceeds of approximately HK$48.0 million from the placing after deducting the placing commission and other related costs and expenses to enhance the working capital base of the group for the continued development opportunity of the group. Such additional funds will also facilitate effective and timely investment in any potential investment when such opportunities arise.
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