BGMC International to Convert RM-Denominated RSLS Debt into Equity via Major Share Issue

BGMC International Ltd. ( (HK:1693) ) has issued an announcement.

BGMC International Ltd. has agreed to issue 29,588,744 new shares under a specific mandate to capitalise outstanding RSLS obligations owed by its subsidiary BGMC Corporation to independent RSLS holders, converting about HK$68.6 million of debt into equity at HK$2.32 per share. The proposed share issue, which is subject to shareholder approval at an extraordinary general meeting and Stock Exchange listing approval, will significantly dilute existing holdings—equating to roughly 74.74% of the current share capital and 42.77% of the enlarged capital—but is intended to fully settle the relevant independent RSLS liabilities, further advancing the company’s multi-year debt restructuring and improving its capital structure for creditors and shareholders.

More about BGMC International Ltd.

BGMC International Ltd. is a Hong Kong-listed company incorporated in the Cayman Islands, operating through its indirect wholly owned subsidiary BGMC Corporation. The group has undertaken a court-approved debt restructuring involving redeemable secured loan stocks (RSLS) held on behalf of 338 scheme creditors, reflecting an ongoing focus on balance sheet repair and creditor settlement.

Average Trading Volume: 15,049

Technical Sentiment Signal: Buy

Current Market Cap: HK$93.04M

For an in-depth examination of 1693 stock, go to TipRanks’ Overview page.