• Fri
  • Aug 29, 2014
  • Updated: 11:20pm

Union Bank of Switzerland (Hong Kong)

PUBLISHED : Saturday, 23 March, 1996, 12:00am
UPDATED : Saturday, 23 March, 1996, 12:00am

Union Bank of Switzerland (Hong Kong) has issued 350 million American-style warrants on Guangdong Investments at a price of 17.2 cents per warrant.


Holders of 10 warrants will be able to exercise them for one share in Guangdong Investments at a strike price of $3.90 per share. This represents a 23.5 per cent discount to Guangdong's closing share price yesterday of $5.10.


The warrants carry a premium of 10.2 per cent and a gearing of three times.


UBS will be applying to the Stock Exchange of Hong Kong to list the warrants, which will expire on April 18, 1997.


Guangdong Investments' share price surged 3 per cent yesterday, bolstered by talk of the warrant issue and stock-switching by investors. It ended 15 cents up at $5.10.


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