KXD Digital Entertainment plans to issue S$60 million in zero-coupon convertibles

By Devika Patel

Knoxville, Tenn., Aug. 28 - KXD Digital Entertainment Ltd. announced that it plans to sell up to S$60 million in zero-coupon convertible notes due 2012 to Pacific Capital Investment Management Ltd.

The notes will be convertible into ordinary shares.

The issue is conditional upon obtaining approval from the Singapore Exchange Securities Trading Ltd. for the new shares and shareholder approval. KXD plans an extraordinary general meeting to vote on the proposal, and will make an application to the SGX-ST for the listing of the conversion shares.

Proceeds will be used for future investments, business expansion, capital expenditures and working capital.

Based in Shenzhen, China, KXD Digital Entertainment manufactures and sells audiovisual entertainment devices.

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