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2003-3-4 09:05:00 a.m. HKT, XFNA
K&P International to issue 1.282 mln usd in convertible notes
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HONG KONG (AFX-ASIA) - K&P International Holdings Ltd (675.HK) said it
has agreed to issue 1.282 mln usd worth of convertible notes to four
independent investors.
The notes will carry an interest of 2.0 pct per annum, with the initial
conversion price set at 0.40 hkd per share. If fully converted, the company
will need to issue 25.008 mln shares, representing 10.003 pct and 9.093 pct
of the existing and enlarged share capital of the company, it said.
Separately, the four investors have also agreed to subscribe for 1.282
mln usd worth of loan notes in K & P International. The loan notes will carry
an interest of 5.0 pct per annum, it said.
The company will use the proceeds from the notes issue to partially
finance a business project, which will be engaged in the production and sale
of mobile telephone keypads, it said.
The company will need to commit 4.1 mln usd for the project. YOUEAL
Electronic Co and You Eal (China) Ltd are the other two investors in the
project, it said.
wilfred.lee@afxnews.com
wl/rc
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