Zhidao International (HKG:1220) said it has completed the issuance of HK$11 million in convertible bonds to Belt and Road EPC Limited Partnership Fund, according to a late-Friday bourse filing.

Shares of the company were down about 7% in afternoon trade Monday.

The completion followed a mutual agreement between the parties to extend the second tranche closing.

The bonds are convertible at HK$0.11 per share, representing 100 million new shares or about 4.81% of the enlarged share capital upon full conversion.

Net proceeds of about HK$10.8 million will be used for daily operations and to support road and construction projects in Indonesia, the company said.