Crosstec (HKG:3893) agreed to allot and issue HK$57.1 million of convertible bonds to Hexing Investment to partially settle certain loans, according to a Monday Hong Kong bourse filing.
The loans include HK$50 million of loans owed by the interior design company to Hexing Investment, as well as certain other loans previously owed by the company.
The firm will also allot and issue HK$38.4 million of convertible bonds to substantial shareholder MK Investment Group to partially settle loans owed to the latter.
The issue of the bonds, which carry a 2% per annum interest rate and will fall due in 36 months, is subject to shareholder approval.
The bonds will be convertible into a maximum of 868,181,818 shares, representing 82.31% of the company's enlarged issued share capital, at HK$0.11 apiece.
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