Zhidao Completes Convertible Bond Issue for Expansion Projects; Shares Slip 7%
MT Newswires Live
Jun 30
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.
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