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China Culiangwang adjusts conversion prices on 7%, 10% convertibles
By Susanna Moon
Chicago, Nov. 30 – China Culiangwang Beverages Holdings Ltd. said it again adjusted the conversion price of its 10% dollar-settled secured convertible bonds due 2016 and its 7% bonds due 2016.
The adjustment was due to the capital reorganization, in which every five issued shares with a par value of HK$0.10 each was consolidated into one consolidated share with a par value of HK$0.50 each, according to two company notices.
The conversion price for the 10% notes was adjusted to HK$21.95, effective Nov. 25, from HK$4.39 just before the share consolidation.
For the 7% notes, the conversion price is now HK$2.55, effective Nov. 25, adjusted from HK$0.51 just before the reorganization.
The issuer, formerly China Green (Holdings) Ltd., is a Hong Kong-based produce farmer and processor. The company also offers branded food and beverage products.
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