BRIEF: S.F. Holding raises $752 million through share placement, convertible bond

S.F. Holding Co. Ltd. (6936.HK; 002352.SZ) announced on Thursday that it raised HK$2.951 billion ($376 million) through a placement of 70 million new Hong Kong-listed shares priced at HK$42.15 each, representing an 8.77% discount to Wednesday’s closing price. The new shares equal 1.38% of the company’s enlarged issued share capital.

At the same time, the logistics company issued HK$2.95 worth of convertible bonds with a conversion price is HK$48.47 per share, representing a 4.91% premium to the previous close. If fully converted, the bonds could be exchanged into approximately 60.86 million of the company’s Hong Kong-listed shares, equal to about 1.2% of its enlarged share capital.

The company plans to use combined proceeds of about HK$5.9 billion from the two actions to enhance its international and cross-border logistics capabilities, support R&D, optimize its capital structure, and for general corporate purposes.

SF Holding’s shares opened lower on Thursday in Hong Kong and closed down 4.33% at HK$44.20 by the midday break.

By Lee Shih Ta

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