Zhou Hei Ya continues repurchases of 1% convertibles

By William Gullotti

Buffalo, N.Y., April 3 – Zhou Hei Ya International Holdings Co., Ltd. announced and commenced further buybacks of its HK$1.55 billion 1% convertible bonds due 2025, according to two company notices on Monday.

Subject to extension at the company’s discretion, it intends to buy back up to 16.5% of the aggregate principal amount of the convertibles originally issued during the period between April 3 and April 28.

Of that intention, the company further reported repurchasing an aggregate total of HK$155 million of the convertibles on the open market on April 3, representing approximately 10% of the initial issue, with the rights to convert to 15,484,516 shares of the company.

Further buybacks will take place at the prevailing market price on the open market, and the notes will be subsequently canceled, funded by internal resources of the company and its subsidiaries.

As of Monday, the company has repurchased HK$1.211 billion, or 78.1% of the original issue, leaving HK$339 million of the bonds outstanding.

The initial issue was HK$1.55 billion.

Zhou Hei Ya is a Wuhan, China-based food products company.

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