HONG KONG, Nov 18, 2020 - (ACN Newswire) - Zhonghua Gas Holdings Limited (the "Company"; Stock Code: 8246) together with its subsidiaries (collective namely the "Group") today announces that the completion of the Subscription Agreement of the issuance of the three-year convertible bonds in the aggregate principal amount of HK$97,800,000. The bond Subscriber is the wholly-owned subsidiary of Kai Yuan Holdings Limited (Stock Code: 1215). The net proceeds are intended to be used for the enhancement of the existing business of the Group and working capital.
The Board of Directors considers this move presents an opportunity for the Group to strengthen its financial position while optimizing its investor and capital base. It will also set a good foundation for further strategic alliance with the Subscriber. Therefore, the Group is optimistic towards the prospects of the Group.
Kai Yuan Holdings Limited, a company listed on the Main Board of the Hong Kong Stock Exchange, is principally engaged in investment holding. One of its substantial shareholders is renowned Chinese entrepreneur Mr. Du Shuang Hua, who was ranked 65th in the Hurun Rich List of 2019. He has extensive businesses covering industries in steel manufacturing, logistics, banking and properties development in the PRC. The subsidiary companies of Kai Yuan are principally engaged in hotel operation and money lending business.
The convertible bonds represent approximately 10.00% of the existing issued share capital of the Company as at the date of completion and approximately 9.09% of the issued share capital of the Company as enlarged by the issue of the Conversion Shares. The Company has a total of 3,622,136,000 Shares in issue. The initial Conversion Price of HK$0.27 (subject to adjustments) per Conversion Share.
Zhonghua Gas Holdings Limited
Zhonghua Gas Holdings Limited is principally engaged in provision of diverse integrated new energy services including technological development, construction and consultancy services in relation to heat supply and coal-to-natural gas conversion, supply of liquefied natural gas, coupled with trading of new energy related industrial products. The Group is also engaged in the property investment business.
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Topic: Press release summary
Source: Zhonghua Gas Holdings Limited
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network
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