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Shanghai Industrial Holdings Ltd Announces Proposed Issue Of HKD3,900,000,000 Zero Coupon Convertible Bonds Due 2018

Wednesday, 16 Jan 2013 06:59pm EST 

Shanghai Industrial Holdings Ltd announced that (i) the Company as issuer of the Conversion Shares and guarantor for payment of all sums payable in relation to the Convertible Bonds, (ii) the Bond Issuer (a wholly owned subsidiary of the Company) as issuer of the Convertible Bonds, and (iii) the Managers entered into the Subscription Agreement on January 16, 2013. Pursuant to the Subscription Agreement, the Managers have agreed to subscribe and pay for, or to procure subscribers to subscribe and pay for the Convertible Bonds on the Closing Date in an aggregate principal amount of HKD3,900,000,000. The Convertible Bonds will be offered and sold to persons whose ordinary business involves buying, selling or investing securities outside the United States in reliance upon Regulation S of the Securities Act. None of the Convertible Bonds will be offered to the retail public in Hong Kong. The initial Conversion Price will be HKD36.34 per Share. Assuming full conversion of the Convertible Bonds at the initial Conversion Price, the Convertible Bonds will be convertible into approximately 107,319,758 Shares. The estimated net proceeds from the Bond Issue, after deduction of commission and expenses, are estimated to be approximately HKD3,822,000,000. The Company intends to use the net proceeds to fund future capital expenditure and investments in the infrastructure business and for general working capital purposes. 

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0.05 +0.20%
11 Jul 2014