China Minsheng announces redemption amount of A share convertibles

By Marisa Wong

Madison, Wis., June 25 – China Minsheng Banking Corp., Ltd. said it will redeem all RMB 161,232,000 of its outstanding A share convertible bonds for RMB 161,564,608.07 on July 1.

On June 8, the company said it received approval to redeem in full the convertibles outstanding as of the record date, June 24.

The bonds will be redeemed at RMB 100.168 each, as previously noted.

On May 9, the company announced that from March 26 to May 8, the closing price of the company’s A shares was at or above 130% of the RMB 8.105 conversion price of the bonds for 15 out of 30 consecutive trading days, triggering the bonds’ call option.

The company’s board of directors approved the call option exercise in May, but the redemption needed regulatory approval, which has since been satisfied.

CSDCCL Shanghai Branch is the redemption agent.

As of June 24, a total of RMB 19,838,768,000 of the bonds have been converted into the company’s stock.

The Beijing-based bank issued RMB 20 billion of the A share convertibles in March 2013.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.