Standard Development Group (HKG:1867) agreed to place convertible bonds to at least six placees to raise up to HK$37 million, a Wednesday filing with the Hong Kong bourse said.

The convertible bonds carry a 4.5% per annum interest rate and have an initial maturity of two years.

The bonds are convertible into a maximum of 148 million new shares at HK$0.25 apiece. The shares represent 9.01% of the firm's enlarged issued share capital.

The construction and engineering company will use proceeds from the placement to develop its ordinary business, as well as for general working capital.