Zhidao International (HKG:1220) agreed to issue HK$11 million of convertible bonds to Belt and Road EPC Limited Partnership Fund at HK$0.11 apiece, a Monday bourse filing said.
The bonds are convertible into 100 million shares, representing roughly 4.81% of the construction and engineering services provider's enlarged issued share capital.
The firm will apply to the Hong Kong stock exchange to list and deal in the Conversion shares.
The company will use proceeds from the issue for daily operations and local and overseas market expansion, including the development of road and construction projects in Indonesia.
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