Risecomm Group Enters Debt Swap Agreements With Creditors; Shares Jump 65%

MT Newswires Live05-28

Risecomm Group (HKG:1679) entered into an agreement with some creditors to issue a mix of debt and equity to settle outstanding loans, according to a Wednesday filing with the Hong Kong bourse.

The power line communication products provider's shares gained 69% in late-morning trade Thursday.

The firm will issue 69.8 million shares priced at HK$0.46 apiece and three-year convertible bonds worth HK$128.5 million to the creditors.

The company simultaneously launched a public offering to raise funds to settle certain other loans.

The firm is seeking investors for 85.9 million shares priced at HK$0.46 each, or HK$39.5 million in total, which will be used to repay loans owed to Fu Xiaoqin, a shareholder, and an entity identified as Clear Jolly.

The transactions are subject to shareholder approval.

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