Pengo (HKG:1865) said it has begun legal proceedings in Hong Kong against a subscriber over an unsettled portion of a planned HK$40 million bond issuance, according to an Oct. 24 bourse filing.
Shares of the construction engineering firm were up nearly 4% in Monday's afternoon trade.
Under a March subscription agreement, the subscriber agreed to purchase bonds carrying a 3% annual coupon and maturing in March 2026.
The company said the subscription has only been partially completed, with proceeds of HK$19.5 million received to date.
The hearing date has not yet been scheduled, according to the filing.
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