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MMG to Raise HKD12.6B+ via 8.8% Discounted Share Placement and CB Issuance
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MMG (01208.HK) announced plans to place nearly 706 million new shares, representing approximately 5.5% of its enlarged issued share capital. The placing price is HKD8.88 per share, representing a discount of about 8.8% to the previous trading day's closing price of HKD9.74. Net proceeds from the share placement are expected to be approximately HKD6.253 billion. Meanwhile, the company will issue zero-coupon convertible bonds due 2027 with an aggregate principal amount of USD800 million. The issue price will be 102% of the principal amount of the bonds, and the initial conversion price is HKD10.21 per share, representing a premium of approximately 4.8% to the previous trading day's closing price. Assuming full conversion of the bonds at the initial conversion price and no further issuance of new shares, the bonds will be convertible into nearly 614 million shares, representing approximately 4.8% of the company’s enlarged issued share capital upon full conversion. Net proceeds from the bond issuance are estimated at approximately USD813 million, equivalent to about HKD6.37 billion. An application will be made by MMG to the Vienna MTF operated by the Vienna Stock Exchange for the listing of the Bonds. The combined proceeds from the share placement and convertible bond issuance are expected to total approximately HKD12.623 billion. The company intends to use the proceeds from the subscription for refinancing existing loans, supporting development of existing projects and expansion plans, funding strategic acquisitions and investments and replenishment of working capital and general corporate purposes. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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