 |
|
  |
2007-2-5 09:57:00 a.m. HKT, XFNA
HK-listed South Sea Petroleum to issue 40 mln hkd convertible bonds to Avant
|
| |
Cap
HONG KONG (XFN-ASIA) - South Sea Petroleum Holdings Ltd said it has
agreed to issue 40 mln hkd convertible bonds to Avant Capital Inc, a US
private company mainly investing in high technology products and the energy
industry.
The bonds will mature in 2010, the company said in a statement.
The conversion price will be 105 pct of the stock's average share price
for the five trading days immediately prior to the date of the conversion
notice, it said.
It said the maximum number of new shares to be issued after conversion is
214 mln shares, which represent a 10.75 pct stake in the company.
South Sea Petroleum said it intends to use the bond issue's net proceeds
to finance a plan to increase crude oil production at the Bula Block
Oilfields on the island of Seram in Indonesia.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/net xfnrl/xfnnt
MMMM
AFN |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
