Crosstec Issues Convertible Bonds to Settle Loans

MT Newswires Live09-22

Crosstec (HKG:3893) completed the issue of HK$57.1 million and HK$38.4 million of convertible bonds to Hexing Investment and MK Investment Group, respectively, a Monday Hong Kong bourse filing said.

The firm issued the bonds to partially capitalize the outstanding principal and interest amounts under certain loans obtained from the two subscribers.

Any remaining amounts due to the two firms will be settled in cash, according to the interior design company.

The 2% convertible bonds falling due in 36 months are convertible into a maximum of nearly 868.2 million shares at HK$0.11 apiece.

The shares represent 82.31% of the firm's enlarged issued share capital.

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