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Xiwang Steel (01266) to issue US$30m convertible bond
Xiwang Special Steel (01266) said it agreed to issue convertible bond in an aggregate
principal amount of US$30 million for a term of two years at 7.5% per annum.
The conversion price is initially HK$1.91 per conversion share, representing a premium 
of about 20.13% over the closing price of HK$1.59.
Assuming full conversion of the convertible bond, a maximum number of 123 million
conversion shares will be allotted and issue, representing around 5.75% of the enlarged
issued share capital of Xiwang Special Steel.
Xiwang Special Steel intends to use the entire amount of the net proceeds as general 
working capital of the Group.
The subscribers are Haitong Global Investment SPC III acting on behalf of and for the 
account of Haitong Dynamic Multi-Tranche Investment Fund II S.P., and Blooming Global
Fund.

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