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CASH Financial to issue HK$620M of convertible bonds

CASH Financial Services Group Ltd. plans to issue HK$620 million worth of convertible bonds to independent investors.

The initial conversion price is set at 31 cents per share, the company said May 26. Upon full conversion of the bonds into CASH Financial shares, a maximum of 2 billion shares will be allotted and issued, representing about 32.60% of the enlarged issued share capital of CASH Financial.

In case of full conversion, Celestial Asia Securities Holdings Ltd.'s interest in CASH Financial will dilute to 27.19%.

CASH Financial will use proceeds from the issuance to fund its expansion in Hong Kong and China for its margin financing and underwriting businesses, among others.