Biosysen to Issue Convertible Bonds to Shareholder
Biosysen (HKG:1355) on Wednesday said it agreed to issue HK$50 million convertible bonds to Osibao Cosmetic International to settle amounts owed to the substantial shareholder, according to a filing with the Hong Kong bourse.The bonds convert into 322.6 million shares of the company at an initial rate of HK$0.155 apiece. The shares represent 27.04% of the company's issued share capital and 21.28% as enlarged by the conversion.The bonds will be interest-free, the firm said.