Chow Tai Fook to Raise US$1.12 Billion via Convertible Bonds for Global Expansion
Chow Tai Fook Jewellery Group, listed on the Hong Kong Stock Exchange, has announced its plan to raise approximately HK$8.80 billion (US$1.12 billion) through the issuance of convertible bonds.
These bonds are set with an initial conversion price of HK$17.32 per share, reflecting a premium of around 26.2% over the company’s last closing share price on Monday.
The jewellery giant aims to allocate the estimated net proceeds of HK$8.72 billion towards the expansion and enhancement of its gold jewellery segment, the upgrading of retail outlets, and broadening its footprint across both domestic and international markets.
Carrying a modest annual interest rate of 0.375%, the bonds are scheduled to mature in 2030 and will be listed for trading on the Hong Kong Stock Exchange, according to the company’s official statement.
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