China’s Sino Energy to issue HK$50 million of 8% convertible bonds

By Sarah Lizee

Olympia, Wash., Nov. 30 – Sino Energy International Holdings Group Ltd. plans to issue HK$50 million of 8% convertible bonds to by Dec. 31, according to a notice.

The convertible bonds will mature 24 months from the issue date.

The conversion price will be HK$0.1563 per conversion share, which is a 35.91% premium over the closing price of HK$0.115 on Nov. 30.

Based on the initial conversion price, a maximum number of 319,897,632 conversion shares will be allotted upon exercise in full of the conversion rights.

The bonds will be convertible until five business days before the maturity date.

The convertible bonds are non-callable.

Proceeds will be used for the development of Sino-Russian grain industry chain and bulk grain trade business and as general working capital.

Sino Energy is a Shishi, China-based investment holding company principally engaged in the casual footwear business. The company also engages in operating gas stations and trading of grains.

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