Shun Tak unit to cut conversion price of 3.3% convertibles due 2014

By Marisa Wong

Madison, Wis., May 21 - Joyous King Group Ltd. said it will adjust 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 will be lowered to HK$7.08 per share from HK$7.17 per share, effective June 11.

The price adjustment is due to a final dividend payment subject to shareholders' approval at a June 7 meeting.

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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