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2004-2-2 09:33:00 a.m. HKT, XFNA
Hong Kong-listed Global Green Tech issues 4.08 mln usd of bonds to CSFB
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HONG KONG (AFX-ASIA) - Hong Kong-listed Global Green Tech Group Ltd said
it has issued 4.08 mln usd worth of bonds to Credit Suisse First Boston (Hong
Kong) Ltd, which if fully converted, will result in the issue of 17.661 mln
new shares representing 2.10 pct share of the company's existing issued
capital.
The bonds due Dec 13, 2004 and bearing interest of 2.5 pct per annum can
be converted into Global Green Tech shares at 1.8019 hkd each, representing a
premium of 35.48 pct over the closing price of 1.33 hkd on Jan 30, 2004.
The company's issued share capital is currently 83.995 mln hkd comprising
839.995 mln shares.
CSFB is an independent investor holding 44.005 mln shares or a 5.24 pct
stake in Global Green Tech, a manufacturer of home and personal care
products. The shares were converted from a few tranches of bonds issued to
CSFB earlier.
CSFB's stake will still be less than 10 pct of issued capital if the
bonds are fully converted, Global Green Tech said in a statement.
Under a subscription agreement with CSFB dated Dec 13, 2001, the company
can issue up to 12 mln usd in unsecured convertible bonds by separate
tranches.
Global Green Tech said it will use the proceeds for general working
capital.
(1 usd = 7.8 hkd)
jill.wong@afxasia.com
jyw/mh
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