 |
|
  |
2006-3-28 12:10:00 p.m. HKT, XFNA
Hong Kong's Wing On Travel to issue 1 bln hkd 5-yr convertible bonds
|
| |
HONG KONG (XFN-ASIA) - Wing On Travel Holdings Ltd said it will issue 1.0
bln hkd worth of five-year convertible bonds to 11 subscribers, including
China Enterprise Ltd(CEL), unit of China Strategic Holdings Ltd, and
Hutchison Whampoa unit Hutchison International Ltd (HIL).
CEL has agreed to subscribe to 300 mln hkd of the 1.0 bln hkd bonds, HIL
will subscribe to 200 mln hkd and the nine other subscribers will buy the
remaining 500 mln hkd bonds, the company said in a statement.
The convertible bonds will bear an interest of 2.0 pct per annum, it
added.
The initial conversion price is 0.79 hkd, representing a premium of 11.30
pct over the closing price of 0.71 hkd on March 23, the last trading day
before the stock's suspension.
Wing On said it expects to generate net proceeds of 998.80 mln hkd,
which will be used to expand its hotel and other travel-related
businesses.
Assuming full conversion of the notes, CEL's shareholdings in Wing On
would drop to 26.68 pct from 27.74 pct, while HIL would have a 13.48 pct
stake.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/net
MMMM
AFN |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
