South Sea Holding to issue 210 mln hkd convertible notes for loan settlement

South Sea Holding Co Ltd (0680) agreed to issue convertible notes of 210 mln hkd to settle a loan of the same amount from Power Ocean Investments Ltd. The notes can be converted into South Sea shares at a per-unit price of 0. 10 hkd, the company said. On full conversion, the notes will give rise to 2.10 bln shares in South Sea, representing 7.275 pct and 6.782 pct of the existing and enlarged share capital of the company, it said. South Sea last traded at 0.051 hkd.

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