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Concord Healthcare to Issue HK$68 Million Convertible Bonds to CSPC Pharma Unit

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-- Concord Healthcare (HKG:2453) agreed to issue HK$68 million of convertible bonds to a unit of CSPC Pharmaceutical (HKG:1093), according to a Monday Hong Kong bourse filing.

The oncology healthcare service provider said Dragon Merit will subscribe to the 2% convertible bonds due in April 2027.

The bonds are convertible into as many as 40 million Hong Kong-listed shares at an initial conversion price of HK$1.70 per share, representing a premium of about 14.1% to the stock's last closing price.

Net proceeds of about HK$63.1 million will mainly be used to repay loans and supplement working capital.

Concord Healthcare said the investment is expected to deepen cooperation with CSPC Pharmaceutical in the oncology healthcare sector.

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