06 OCTOBER 2015www.infocastfn.com
SWSI to buy US$30 million CBs of XinRen Aluminum
Edited by : AL CIRCLE
1 min read
Southwest Securities International Securities Limited (00812) (SWSI) has conditionally agreed to subscribe for the secured convertible bonds issued by XinRen Aluminum Holdings Limited in an aggregate principal amount of US$30 million. The convertible bonds, bearing interest at a rate of 8% per annum, will become mature on 27 August 2020.
Assuming full conversion of the convertible bonds at a conversion price of S$1.01 per XinRen Aluminum share, the maximum number of conversion shares to be allotted and issued by XinRen Aluminum will be 39.386 million shares.
XinRen Aluminum, whose shares are listed on the Main Board of SGX-ST, is a vertically integrated maker of primary aluminum products in the PRC.
As the rate of return of the convertible bonds is generally more favourable and higher than the interest rates of fixed deposits offered by well-recognized financial institutions in Hong Kong, the directors of SWSI consider that the subscription would provide the group with a stable return under the present volatile economic environment.
Assuming full conversion of the convertible bonds at a conversion price of S$1.01 per XinRen Aluminum share, the maximum number of conversion shares to be allotted and issued by XinRen Aluminum will be 39.386 million shares.
XinRen Aluminum, whose shares are listed on the Main Board of SGX-ST, is a vertically integrated maker of primary aluminum products in the PRC.
As the rate of return of the convertible bonds is generally more favourable and higher than the interest rates of fixed deposits offered by well-recognized financial institutions in Hong Kong, the directors of SWSI consider that the subscription would provide the group with a stable return under the present volatile economic environment.
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