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2006-10-10 11:26:00 a.m. HKT, XFNA
Hong Kong's U-Right to issue 60 mln hkd convertible bonds to ABN AMRO
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HONG KONG (XFN-ASIA) - U-Right International Holdings Ltd said it will
issue 60 mln hkd zero coupon convertible bonds due 2011 to ABN AMRO Bank N.V.
The conversion price of 0.288 hkd represents 12.94 pct premium to the
closing price of 0.255 on October 4, the last trading day before the stock's
suspension, the company said in a statement.
The company is expected to raise net proceeds of 56.80 mln hkd from the
bonds sale and will use the fund for general corporate financing purposes, it
said.
Upon full conversion of the bonds, the new shares to be issued will
amount to 208.33 mln shares, representing 7.21 pct of the enlarged issued
share capital of the company.
The company said the bond issue will give it an opportunity to raise
funds for future development, introduce a reputable institutional investor
as a major shareholder of the company and broaden its shareholder base.
As of 11.20 am, U-Right was up 0.01 hkd or 3.92 pct at 0.265.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/net xfnrl/xfnnt
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