CTF Services to issue HK$780 million in bonds

CTF Services (0659) plans to issue HK$780 million in 4 percent convertible bonds that will be due in 2025, aiming to expand the free float.

Net proceeds are estimated to reach about HK$769 million.

The initial conversion price is set at HK$8.043 per share, a 5 percent premium over today’s opening price of HK$7.63.

The bonds can be fully converted into approximately 96.98 million new shares based on initial conversion price, representing about 2.37 percent of the enlarged share capital.

(Melody Chen)