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PYI Corp Ltd Announces Completion Of Disposal Of Interest In Paul Y. Engineering Group Limited


Tuesday, 5 Feb 2013 08:41pm EST 

PYI Corp Ltd announced that completion of the Placing by Paul Y. Engineering Group Limited (PYE) took place on February 05, 2013. An aggregate of 2,938,236,000 Placing Shares at the Placing Price of HKD0.68 per Placing Share and an aggregate of HKD1,202 million worth of Convertible Bonds at face value were placed by PYE to not less than six Placees. This constituted a deemed very substantial disposal by PYI which was approved by PYI Shareholders on January 18, 2013. As at February 05, 2013, the issued share capital of PYE, as enlarged by the Placing Shares, is 3,545,190,322 PYE Shares, diluting PYI’s percentage share interest in PYE from approximately 61.92% to approximately 10.60%. Going forward, PYI’s interest in PYE will be accounted for as an available-for-sale investment and the financial position and results of PYE will not be consolidated into those of PYI. Upon full conversion of the Placing Convertible Bonds, based on the conversion price of HKD0.68, the issued share capital of PYE would be 5,312,837,380 PYE Shares, which would further dilute PYI’s percentage share interest in PYE to approximately 7.07%. 

Company Quote

0.167
-0.0010 -0.60%
19 Dec 2014