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Shui On Land cuts conversion price for 7.5% perpetual securities
New York, July 17 – Shui On Land Ltd. announced that the conversion price for its $225 million of 7.5% senior convertible perpetual securities will be reduced to HK$2.97 per share from HK3.04 per share.
The change is effective from July 18, according to a company announcement.
Shui On Land is required to make the change because of the payment of a final dividend of HK$0.039 per share for the year ended Dec. 31, 2016, a payment approved by shareholders on June 6.
Shui On Land is a Hong Kong-based property development company.
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