Shui On Land lowers conversion price of 7.5% perpetual convertibles

By Susanna Moon

Chicago, June 17 – Shui On Land Ltd. said it reduced the conversion price of its $225 million 7.5% senior convertible perpetual capital securities.

The conversion price was adjusted to HK$3.15 per share from HK$3.228 per share, effective June 17, as a result of the payment of final dividend for the financial year ended Dec. 31, according to a company notice.

The convertibles were issued by Shui On Development (Holding) Ltd., a wholly owned subsidiary of the company.

Shui On Land is a Hong Kong-based property development company.

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