Hon Kwok Land to issue convertible bonds

Property company Hon Kwok Land Investment will issue convertible bonds to raise between HK$300 million and HK$400 million at 10 per cent interest per annum maturing in 2003. Before maturity the bonds will be convertible into shares at 40 HK cents - or a premium of about 4 per cent over yesterday's closing price of 38.5 HK cents and 15 per cent above the average closing price for the past 20 days. Controlling shareholder Chinney Investments will subscribe for up to 47 per cent of the bonds.