Zhou Hei Ya repurchases HK$45 million more 1% convertibles

By Mary-Katherine Stinson

Lexington, Ky., April 6 – Zhou Hei Ya International Holdings Co., Ltd. announced further buybacks of its HK$1.55 billion issue of 1% convertible bonds due 2025, according to a company notice.

On April 4, the company bought back HK$45 million of the convertibles, representing approximately 2.9% of the original issue, with rights to convert the bonds into 4,495,505 shares of the company.

As with previous repurchases, they took place at the prevailing market price on the open market, the notes will be subsequently canceled, and were funded by internal resources of the company and its subsidiaries.

As previously reported, the company announced its intention to buy back up to 16.5% of the aggregate principal amount of the convertibles originally issued during the period between April 3 and April 28, subject to extension at the company’s discretion. Of that intention, the company further reported repurchasing an aggregate total of HK$155 million of the convertibles on the open market on April 3, representing approximately 10% of the initial issue, with the rights to convert to 15,484,516 shares of the company.

Further buybacks will also take place at the prevailing market price on the open market, and the notes will be subsequently canceled, funded by internal resources of the company and its subsidiaries.

Since commencing the buybacks on April 8, 2022 up to April 6, the company has repurchased HK$1.256 billion, or 81% of the original issue, leaving HK$294 million of the bonds outstanding.

Zhou Hei Ya is a Wuhan, China-based food products company.

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