Milkyway Chemical Supply Chain Service (SHA:603713) plans to redeem a convertible bond early after triggering a redemption clause, according to a Shanghai bourse filing on Thursday.
The Chinese chemical supply chain service company met the condition to redeem the Miwei Convertible Bond early after its closing price exceeded 130% of the current conversion price of 54.72 yuan per share.
The redemption price is 101.36 yuan per bond.
The conversion bond's last trading day will be on Aug. 6 and will be redeemed on Aug. 12.
The company's shares dropped 3% at the close.
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