Malaysia's Olympia Industries buys back some convertibles, loan stocks

By Marisa Wong

Madison, Wis., March 30 - Olympia Industries Bhd. announced that it purchased and canceled RM 21,315,274 of its irredeemable convertible bonds due 2013 and RM 12,590,463 of its redeemable loan stocks due 2013 on March 29.

Following the cancellation, RM 180,798,251 of the convertible bonds and RM 60,390,843 of the loan stocks remain outstanding.

Olympia said the purchase was part of a put and call option between the company and its lenders under a restructuring scheme completed in 2007.

Olympia is a Kuala Lumpur-based investment holding company.

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