Shun Tak unit cuts conversion price of 3.3% convertibles due 2014

By Marisa Wong

Madison, Wis., Feb. 9 - Joyous King Group Ltd. said it adjusted the conversion price of its HK$1.55 billion 3.3% convertible bonds due 2014 guaranteed by parent company Shun Tak Holdings Ltd.

The conversion price was lowered to HK$7.17 per share from HK$7.89, effective retroactively from Feb. 6.

The price adjustment is due to a rights issue.

Shun Tak is a Hong Kong-based conglomerate with businesses in transportation, property, hospitality and investments and has significant interests in Macau.

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