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 December 4, 2015 - 10:51 AM EST
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Haitong subscribed Blue Sky Power Holdings' convertible bond in aggregate amount of HK$200 million

HONG KONG, Dec. 4, 2015 /PRNewswire/ -- Blue Sky Power Holdings Limited (or "the Company", together with its subsidiaries, the "Group", HKSE stock code: 6828) announced that, on 4 December 2015 (after trading hours), Haitong International Capital Management Limited, an indirect wholly-owned subsidiary of Haitong International Securities Group (Stock Code: 665) conditionally agreed to subscribe Blue Sky Power Holdings' convertible bond in aggregate amount of HK$200 million. A maximum number of 416 million Shares will be allotted, which represents approximately 6.41% of the issued share capital of the Company as enlarged by the issue of Conversion Shares. The conversion price is initially HK$0.48 per Share, a discount of approximately 12.73% over the closing price of HK$0.55 per Share as quoted on the Stock Exchange today.

The Convertible Bond will mature on the Interest Payment Date falling on or nearest to 9 December 2018, with 5% interest rate per annum. The net proceeds of approximately HK$190 million from the issue of the Convertible Bond will be used to finance the expansion of the natural gas business and as the general working capital of the Group.

The principal activities of Haitong International Securities Group and its subsidiaries comprises securities, futures, options and bullion contracts brokerage, the provision of nominee and custodian services, the provision of corporate advisory, placing and underwriting services, the provision of investment management services, the provision of securities margin financing and leveraged and acquisition financing, trading and market making activities, structured products issuance and investment.

Mr. Tommy Cheng, Chairman and Executive Director of Blue Sky Power Holdings Limited, said, "We consider raising funds by issuing the Convertible Bond is justifiable considering the recent market conditions which represent an opportunity for the Group to enhance its working capital and strengthen its financial position for financing the expansion of the natural gas business. We also consider that the issue of the Convertible Bond is an appropriate means of raising additional capital for the Group since it will not have an immediate dilution effect on the shareholding of the existing Shareholders."

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Blue Sky Power Holdings Limited

Blue Sky Power Holdings Limited (HKSE stock code: 6828) is engaged in the natural gas distribution business in the PRC since late 2013 and has entered into agreements to acquire natural gas business in the PRC, including Shandong, Jiangsu, Hubei, Hainan, Sichuan and Liaoning Provinces.


Source: PR Newswire (December 4, 2015 - 10:51 AM EST)

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