BUZZ-CMOC's HK shares fall most in 6 weeks on convertible bonds issue

Reuters01-20
BUZZ-CMOC's HK shares fall most in 6 weeks on convertible bonds issue

** HK shares of CMOC Group 3993.HK fall 5.6% to HK$20.56; on track for biggest one-day pct decline since December 9

** Stock falls to lowest since January 9

** Shanghai-listed stock 603993.SS drops 4.4% to 22.28 yuan, lowest since January 9

** Chinese basic and rare metals miner and processor proposes issue of $1.2 bln worth of bonds, convertible into 333.74 mln new H-shares at initial conversion price of HK$28.03, subject to adjustments

** Raises concern of dilution effect on conversion of new shares

** Proceeds will be used to expand, sustain capital for co's overseas mining and processing assets, enhance working capital flexibility

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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