Date
27 March 2017
Vinda International, led by chairman Li Chaowang (above), is on a buying spree. Photo: HKEJ
Vinda International, led by chairman Li Chaowang (above), is on a buying spree. Photo: HKEJ

Vinda to buy parent’s overseas sanitary business

Vinda International Holdings Ltd. (03331.HK) has agreed to acquire its parent’s sanitary business in South Korea, Taiwan, Malaysia, Thailand, Indonesia and Singapore for HK$2.8 billion (US$361 million).

The deal will be paid for with HK$1.2 billion worth of new shares via a private placement, HK$502 million in convertible bonds and HK$1.09 billion in shareholder loans.

The conversion price for the convertible bonds and the issue price for the new shares are both HK$15.868, a 1.07 percent discount to Vinda’s last close.

The new shares in the private placement account for 7.06 percent of the enlarged share capital.

Meanwhile, the company is buying a production base and related assets in Guangdong province from a connected party for HK$976 million.

It will issue HK$55 million worth of new shares at HK$15.868 apiece take over the seller’s liabilities.

[Chinese version中文版]

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