Hong Kong’s CTF Services to issue US$100 million in convertible bonds

CTF Services, the infrastructure development arm under Chow Tai Fook Enterprises (CTFE), owned by one of Hong Kong’s richest families, plans to issue HK$780 million (US$100 million) in convertible bonds to replenish its working capital and repay debt, it said on Thursday.The initial conversion price of HK$8.043 per share equates to a premium of around 5 per cent from CTF Services’ closing stock price on Wednesday. Upon conversion, the instrument will account for around 2.37 per cent of the..