Xiwang Special Steel cuts conversion price of 7.5% convertible bonds

By Marisa Wong

Morgantown, W.Va., June 11 – Xiwang Special Steel Co. Ltd. said it will lower the conversion price of its $30 million 7.5% convertible bonds due 2019 to HK$1.72 per share from HK$1.91 per share, effective June 25.

The adjustment is due to a final dividend of RMB 13 cents (about HK$0.16) per share for the year ended Dec. 31. The dividend will be payable on June 25 to holders of record as of the close of business on June 12.

The steel manufacturer is based in Binzhou, China.

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