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Crosstec Bondholder Converts Nearly HK$7 Million Debt Into Equity

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Crosstec (HKG:3893) said a bondholder exercised its right to convert part of its convertible bonds into equity, according to a Tuesday Hong Kong bourse filing.

The company received a conversion notice from MK Investment to convert HK$6.6 million in bonds into 60 million shares at HK$0.11 each.

The shares represent about 11% of the company's issued share capital before the issue and about 9.9% as enlarged by the issue.

Following the conversion, major shareholder MK Investment increased its stake to about 28.8% from 20.98%.

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