Country Garden Holdings Co. Ltd. said the per-share conversion price for the HK$15.60 billion bonds issued by its subsidiary, Smart Insight International Ltd., will be adjusted to HK$20.15 from HK$20.556.
The adjustment was due to the 24.95-yuan-per-share final dividend for the year ended Dec. 31, 2017, that was recommended by the company's board, which was stipulated under the adjustment provisions of the bonds' terms and conditions.
Following the price adjustment, up to 774,193,548 shares will be issued bearing the adjusted conversion price based on the bonds' outstanding amount, while a maximum of 758,902,510 shares will issued at the earlier conversion price.
The bonds will mature Jan. 27, 2019, and net proceeds from the issuance will go toward repayment of the group's debt and/or as general working capital.
As of May 29,. US$1 was equivalent to 6.42 yuan.
