Panda Green Energy Group Limited (00686) said it has conditionally agreed to allot and issue 7.18 billion shares at the subscription price of HK$0.25 per subscription share to Beijing Energy Investment Holding (Hong Kong) Co., Limited for a total cash consideration of HK$1.79 billion.
The subscription shares represent approximately 32% of the enlarged fully paid up issued share capital of the company upon completion of the subscription. The subscription price of HK$0.25 per subscription share represents a premium of approximately 7.76% over the closing price of HK$0.232 per share on 19 November 2019.
All the net proceeds of the subscription will be applied for repayment of outstanding debts, in particular for the outstanding US$350 million senior unsecured bonds which will mature on 25 January 2020.