Simsen International plans to sell up to HK$500 million convertibles

By Marisa Wong

Madison, Wis., Oct. 18 - Simsen International Corp. Ltd. said it plans to place up to HK$500 million of 0% convertible notes on a best-efforts basis.

The 36-month notes will be priced at par with an initial conversion price of HK$5.00 per share, which represents a 40.06% premium over the Oct. 17 closing share price of HK$3.57.

Up to HK$327.11 million of the proceeds will be used for two corporate acquisitions and up to HK$160 million will be for a capital injection.

Simsen is an investment holding company based in Hong Kong with a registered office in Hamilton, Bermuda.

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