BUZZ-J&T Global slips most in over 9 months on $596 million convertible bonds dilution fears

Reuters01-23
BUZZ-J&T Global slips most in over 9 months on $596 million convertible bonds dilution fears

** Shares of J&T Global Express 1519.HK slip 5.4% to HK$10.52, on track for the biggest one-day pct decline since April 7

** Indonesian courier service seeks to raise HK$4.65 bln ($596 mln) through an issue of convertible bonds

** Proceeds to develop overseas business, for technology advancement and to optimise capital structure, among others

** Bonds are convertible into 319.6 mln new shares, or 3.5% of the enlarged share capital, and that triggers concern of dilution effect on shares

** YTD, stock up 3.1%, Hang Seng Index .HSI up 4.2%

($1 = 7.7983 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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

We need your insight to fill this gap
Leave a comment