Zhou Hei Ya completes repurchases of up to 16.5% of 1% convertibles

By Mary-Katherine Stinson

Lexington, Ky., May 12 – Zhou Hei Ya International Holdings Co., Ltd. completed its partial repurchase of up to 16.5% of the HK$1.55 billion issue of 1% convertible bonds due 2025, according to a notice.

The partial repurchase goal was completed with the repurchases from April 7 to May 12 of HK$46 million of the convertible bonds with the rights to convert into 4,595,405 shares of the company. This represented about 3% of the total bonds originally issued.

As previously reported, the company has been purchasing the bonds from the open market and had set up a timeframe where it was aiming to purchase up to 16.5% of the original issue size from April 3 to April 8, which was later extended to May 12.

Since the company began the buybacks on April 8, 2022, the total principal amount repurchased by the company is HK$1,302,000,000, representing roughly 84% of the total principal amount of the original issue.

Currently, HK$248 million remains outstanding.

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

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