Central Development Extends Bond Conversion Deadline

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Central Development Extends Bond Conversion Deadline

MT Newswires Live06-13

Central Development Holdings (HKG:0475) said that HK$52 million worth of convertible bonds issued as consideration for acquisition will be automatically canceled on Dec. 1, 2025, if certain conditions are unmet.

The bonds were issued in 2022 when subsidiary Hainan Huagang New Energy Development bought a 35% stake in Chengdu Huahan Energy from Zhang Bing, according to a Wednesday filing with the Hong Kong Exchange.

Under the deal, those bonds cannot be converted until a joint venture owned 50% by the target gets a gas business license.

However, the target company has stated that the license cannot be obtained by the current deadline of June 30 but can be obtained by November 30, 2025.

The supplementary agreement entered on June 12 considered this and amended the deadline for converting the bonds.

Shares of the manufacturer of solar energy products closed 13% lower on Wednesday.

Price (HKD): $0.58, Change: $-0.09, Percent Change: -13.43%

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