Chow Tai Fook Jewellery plans to raise US$1.1bil via convertible bonds
KUALA LUMPUR: Hong Kong-listed Chow Tai Fook Jewellery Group said on Tuesday it plans to raise HK$8.80 billion (US$1.12 billion) via a convertible bond sale.
The bonds will have an initial conversion price of HK$17.32 per share, representing a premium of about 26.2 per cent above the jeweller's stock's last closing price on Monday.
The company intends to use net proceeds of about HK$8.72 billion from the bond issuance for the development of its gold jewellery business, stores upgrades and expansion in domestic and international markets.
The bonds, with an interest rate of 0.375 per cent per annum and maturing in 2030, will be listed on the Hong Kong Stock Exchange, the company said in a statement.
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