HONG KONG--(BUSINESS WIRE)--Blue Sky Power Holdings Limited (or “the Company”, together with its subsidiaries, the “Group”, HKSE stock code: 6828) is pleased to announce that, the Company entered into a Subscription Agreement with Talent Impact Enterprises Corp (“Investor”), an indirect wholly-owned subsidiary of China Orient Asset Management Co. Limited (“COAMC”), in relation to the issue of Convertible Bonds in an aggregate principal amount of HK$200 million, with 4.8% interest rate per annum. COAMC is a company established in the PRC whose ultimate beneficial owners are the PRC Ministry of Finance and National Council for Social Security Fund.
According to the agreement, the conversion price is initially HK$0.67 per Conversion Share (subject to adjustment), a premium of approximately 8.06% over the closing price of HK$0.62 per Share as quoted on the Stock Exchange on December 15, 2016. Assuming the conversion right is exercised in full at the conversion price of HK$0.67, all Conversion Shares to be issued to the Investor represent approximately 3.16% of the issued share capital of the Company as enlarged by the issue and allotment of the Conversion Shares. The Convertible Bonds will mature on the date falling on the third anniversary of the Issue Date.
Mr. Tommy Cheng, Co-Chairman and Executive Director of the Group, said, “The issue of Convertible Bonds signifies the confidence and recognition of the Investor in the potential business growth of the Company, and demonstrates their willingness to support the Company. It also enables the Group to enhance its working capital and strengthen its financial position for financing the expansion of its natural gas business.”
Blue Sky Power Holdings Limited
Since 2014, Blue Sky Power Holdings Limited (HKSE stock code: 6828) has focused on transforming itself into an integrated natural gas provider, distributor and operator, with an emphasis on the mid- to downstream side of the natural gas industry value chain. Our natural gas business encompasses: (i) construction and operation of compressed natural gas (“CNG”) and liquefied natural gas (“LNG”) refueling stations for vehicles; (ii) construction of natural gas pipelines and operation of city gas projects by providing piped gas; (iii) direct supply of LNG to end-users; and (iv) trading and distribution of CNG and LNG.
Blue Sky Power has adopted its own “One Belt, One Road Expansion Strategy” to expand along key coastal economic areas and north-western provinces that have rich gas source. The Group has business presence in several provinces in the PRC, including Liaoning, Shandong, Anhui, Zhejiang, Hubei, Sichuan and Hainan.