Hong Kong's SMI to place up to HK$250 million of 5% seven-year bonds

By Angela McDaniels

Tacoma, Wash., May 15 - SMI Corp. Ltd. plans to place up to HK$250 million of 5% seven-year bonds, according to a company announcement.

Convoy Investment Services Ltd., the placement agent, has agreed to find investors for the bonds on a best-efforts basis.

The placing period will last nine months, and the company's goal is to place at least HK$100 million of bonds within the first three months.

Proceeds will be used for general working capital purposes and to repay liabilities.

SMI is an investment holding company based in Hong Kong. Its principal activities include movie theater operation and investments in movie production.

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