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2008-5-28 12:32:00 p.m. HKT, XFNA
HK-listed Kai Yuan sells 265.5 mln hkd convertible notes to chairman
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HONG KONG (XFN-ASIA) - Kai Yuan Holdings Ltd, a property investment company,
said it will sell 265.5 mln hkd of convertible notes to its chairman, Hu Yishi.
Assuming the notes are exercised in full at an initial conversion price of
0.177 hkd, the company will issue 1.5 bln shares, or 23.23 pct of issued share
capital.
This would raise Hu's stake to 17.93 pct from 0.69 pct.
Kai Yuan said the proceeds from the note sale will be used for investment and
working capital.
At 12.02, Kai Yuan was up 0.025 hkd or 14.37 pct at 0.199.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
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