AXA buys CBs in China funeral services company
AXA Direct Asia II, LP, has announced in a filing with the Hong Kong Stock Exchange, that it will pay $12.5 million to subscribe to zero coupon convertible bonds of Sage International, a Chinese company engaged in funeral services. The bonds can be converted into new shares at HK$0.87 ($0.11) per share within the next two years, representing a 65% discount to the trading price up to January 20, 2011. The deal will give AXA a 55.57% stake in the company in terms of its existing share capital, and an around 36% stake in the company based on all convertible bonds being exercised and the share capital being enlarged.
Up to HK$30 million will be used to repay Group Chairman Chui Bing Sun for capital he paid to acquire Luck Point Investments Limited, which had held a 70% stake in a joint venture with Sage international...
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