HONG KONG, Nov. 30, 2015 /PRNewswire/ -- Blue Sky Power Holdings Limited (or "the Company", together with its subsidiaries, the "Group", HKSE stock code: 6828) announced that, on 30 November 2015 (after trading hours), Templeton Strategic Emerging Markets Fund IV, LDC, (TSEMF IV) conditionally agreed to subscribe our Convertible Bond in an aggregate principal amount of HK$15 million. The conversion price is initially HK$0.40 per Conversion Share, subject to adjustments in accordance with the Conditions.
The net proceeds of HK$14.5 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.
TSEMF IV is a fund formed to make strategic investments throughout emerging markets. It is managed by Templeton Asset Management Ltd's Emerging Markets Group, which has more than 50 investment professionals based in 18 offices located throughout emerging market countries.
On 5 September 2015, the Company completed the issue of convertible bond in the principal amount of HK$116 million to TSEMF IV. Immediately after full conversion of the convertible bond under the agreement dated today, shareholdings of TSEMF IV increases from 4.55% to 5.11%.
Mr. Tommy Cheng, Chairman and Executive Director of Blue Sky Power Holdings Limited, said, "It is the second time that TSEMF IV subscribes our convertible bond. It signifies the confidence of TSEMF IV, which is an internationally renowned investment fund in the market, in the potential of the Company and demonstrates their willingness to support us."
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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.