K. Wah greenshoe exercised, raising convertibles to HK$864 million

New York, March 1 - K. Wah International Holdings Ltd. said underwriters of its recent offering of convertible bonds due 2009 exercised the HK$64.26 million greenshoe in full, raising the size of the deal to HK$864.26 million.

K. Wah originally sold HK$800 million of the securities on Feb. 24 to yield negative 1.25% with a 20.97% initial conversion premium.

Morgan Stanley & Co. International Ltd. was lead manager of the Regulation S deal.

K. Wah will use proceeds for acquisition and development of new property projects.

The company is a Hong Kong investment holding company owning subsidiaries in property development and investment and construction materials.

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