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Far East Holdings (00862.HK) Issues HKD200 Million Convertible Notes, Proposes 1-for-10 Share Consolidation
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Far East Holdings (00862.HK) announced that it will issue convertible notes in an aggregate principal amount of HKD200 million to five subscribers. The proceeds are intended to be used for expanding its electric truck fleet and related facilities to develop its logistics business, for mineral (gold) exploration in Mongolia, and as general working capital. Meanwhile, the company proposed a 1-for-10 share consolidation. Upon the consolidation becoming effective, the board lot size will be changed to 10,000 shares. The notes have a term of three years and carry an annual interest rate of 3%. The initial conversion price is HKD0.042, representing a premium of 5% over today's (13th) closing price. The new shares to be issued upon full conversion will account for 56.9% of the enlarged share capital. (de/d) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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