Angang Steel adjusts conversion price for zero-coupon bonds due 2023

By William Gullotti

Buffalo, N.Y., June 7 – Angang Steel Co. Ltd. announced a fourth adjustment to the conversion price of its HK$1.85 billion of five-year zero-coupon bonds convertible into ordinary H shares, according to a press release.

Effective June 8, the conversion price will be adjusted to HK$6.46 per H share from HK$6.61 per H share previously.

The adjustment is the result of the shareholders having approved the payment of a cash dividend of RMB 0.101 per share for the year ended Dec. 31, 2020 at the 2020 annual general meeting held on May 26.

Angang is a steel maker based in Anshan, China. Its parent company is Anshan Iron and Steel Group.

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