PRNewswire-Asia/ -- COSTIN New Materials Group Limited
("COSTIN", together with its subsidiaries, the "Group", stock code:
2228.hk), which is principally engaged in the research and
development, production and sales of non-woven materials and
recycled chemical fibres, is pleased to announce today that it has
completed the issue of a US$30 million (approximately HK$233
million) convertible bond to CITIC Capital China Access Fund
Limited, an investment fund managed by a subsidiary of CITIC
Capital Holdings Limited.
Mr. Chim Wai Kong, Chairman and Executive Director of COSTIN
said that: "We are delighted that we have completed the issue of
the convertible bond to CITIC Capital China Access Fund Limited and
have it as our new investor. The net proceeds will be used for
capital expenditure and working capital to accelerate the
development of the Group＊s key businesses and enhance our overall
market presence. We believe the future conversion of the
convertible bond will help diversify and strengthen our shareholder
base."
The convertible bond will be due in 2013 and bears the interest
rate of 4% per annum. The initial conversion price of the
convertible bond is HK$5.15 per share, representing a premium of
approximately 2.79% to the closing share price of HK$5.01 on 7 July
2011, or a premium of approximately 12.20% to the average closing
share price of $4.59 for the last 20 consecutive trading days up to
7 July 2011.
About COSTIN New Materials Group Limited
With production centre in Jinjiang, Fujian Province and
headquarters in Hong Kong, COSTIN is principally engaged in the
research and development, production and sales of non-woven
materials and recycled chemical fibres which are mainly for
industrial applications. The advanced production facilities backed
by strong technical know-how and impressive economies of scale give
the Group a huge competitive edge for producing high quality
products customised to meet specific customer needs, including
non-woven materials with liquid repellent, anti-bacterial, aroma,
oil-resistant and thermal resistant functions.
About CITIC Capital Holdings Limited
Founded in 2002, CITIC Capital Holdings Limited is an
alternative investment management and advisory company engaging in
Private Equity, Real Estate, Structured Investment and Finance and
Asset Management. It is owned by China Investment Corporation,
China's sovereign wealth fund, and CITIC Group, the largest Chinese
conglomerate, through its CITIC International Financial Holdings
Limited and CITIC Pacific Limited subsidiaries.
Media contact:
Mr. Eric Yip
Christensen
Tel: +852-2117-0861 / +852-9621-5918
Email: [email protected]