Rongsheng issues convertible bonds

Hong Kong: China’s largest private shipbuilder, Rongsheng Heavy Industry, has announced that the company has entered into subscription agreements for HK$1bn in convertible bonds.

The initial conversion price is HK$1.05 per share, with the company expecting to raise approximately HK$ 992.5m net capital which will be used for working capital and general corporate purposes and repayment of loans.

The company also expect the bond issue could improve the liquidity position and facilitate the overall development of the group, Rongsheng said. [25/02/14]

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