CMOC Group to Raise US$1.2 Billion via Premium-Priced Convertible Bonds
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CMOC Group Limited plans to raise US$1.2 billion through zero coupon guaranteed convertible bonds due 2027, with a guarantee from its parent company. The bonds will be convertible into approximately 333.7 million H shares at HK$28.03 each, a premium to the current market price. The net proceeds of about US$1.1875 billion will be used for specified purposes. The transaction is subject to conditions and may not complete, which could lead to potential dilution for shareholders. The latest analyst rating for CMOC stock is a Buy with a price target of HK$25.90.
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