Luye Pharma Group (HKG:2186) said a wholly owned unit completed the issue of $150 million in exchangeable preference shares to an independent subscriber, according to a Hong Kong bourse filing Friday.
Shares of the pharma company fell over 3% in late-morning trade Monday.
The shares, priced at $100 each, can be exchanged into Boan Biotech (HKG:6955) shares at an initial exchange price of HK$11.718. Upon full exchange, Boan Biotech would cease to be a subsidiary.
Dividends on the preference shares are fixed at 4.75% per annum, the firm previously said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments