China Merchants cuts conversion price on 1.25% convertible bonds

By Marisa Wong

Madison, Wis., May 2 - China Merchants Holdings (Pacific) Ltd. will lower the conversion price of its HK$1,163,000,000 1.25% convertible bonds due 2017 to S$0.826 per share from S$0.84 per share, according to a notice.

The adjustment is due to an interim dividend of S$0.0275 per share paid on Nov. 8 to shareholders of record as of Oct. 22 and a final dividend of S$0.0425 per share for the year ended Dec. 31.

The new conversion price will take effect the day after the May 15 book closure date.

China Merchants is a toll road land development company based in Singapore.

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