explains today's rise for BSP in Hong Kong. Nice to be aligned...

explains today's rise for BSP in Hong Kong. Nice to be aligned with a company like BSP.

Blue Sky Power : Beijing Gas to buy stake in Blue Sky Power



01/07/2016 | 02:47am US/Eastern

[ET Net News Agency, 7 January 2016] Blue Sky Power (06828) said it agreed to place

about 2,156 million shares at HK$0.45 apiece, representing a discount of about 13.46% to

the closing price of HK$0.52, to Beijing Gas Group Co., Ltd.

The subscription shares represent around 26.11% of the enlarged issued share capital of

Blue Sky Power.

Blue Sky Power also agreed to issue three-year convertible bond of an aggregate

principal amount of HK$350 million at an interest of 4.5% per annum. The conversion price

is initially HK$0.45 per share. Assuming full conversion of the convertible bond, a

maximum number of 778 million conversion shares will be issued, representing about 11.31%

of the enlarged issued share capital of Blue Sky Power.

The net proceeds from the above transactions is estimated to be about HK$1,318 million,

which will be used to finance the expansion of the natural gas business and replenish the

general working capital of the Group.

Beijing Gas' principal activities include natural gas production and distribution

services. It is indirectly owned as to 100% by Beijing Enterprises (00392).

Blue Sky Power had applied for the resumption of trading in shares this morning. (HL)

(c) 2016 ET Net Limited. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers