24 March 2019

China Merchants to issue convertible securities, filing says

China Merchants Holdings (International) Co. Ltd. (00144.HK) said in a regulatory filing Monday that it plans to publicly issue mandatory convertible securities to raise up to HK$15.42 billion (US$1.98 billion), assuming all the share options are exercised on or before a specified deadline. Qualified shareholders can buy one unit of the securities for every five ordinary shares held, and all units will be converted into new ordinary shares at the conversion price of HK$30.26 in the third year from the date of issuance. About 55 percent of the net proceeds will be used to repay debt, another 40 percent will be used to fund ongoing construction projects and the rest will replenish working capital, the filing said.

– Contact HKEJ at [email protected]



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