SINO Land is planning to raise US$150 million (about HK$1.16 billion) by issuing seven-year convertible bonds in the international capital markets.
News of the plan from Sino comes on the heels of disappointing results from the territory's most aggressive property development company and market information on a US$250 million convertible issue from Amoy Properties.
Sino said it had hired Jardine Fleming Securities to undertake the capital raising.
The group severely disappointed the market with a 22.63 per cent slide in net profit to $900.58 million for the year ended June 30.
Earnings per share fell 25.98 per cent on a fully diluted basis to 43.3 cents and the final dividend was 10 cents, keeping the full-year payout flat at 18 cents a share.
In the statement of Tsim Sha Tsui Properties, Sino's holding company, chairman Robert Ng Chee Siong said: ''The group's listed subsidiary, Sino Land, has recorded lower profits as a result of fewer properties for sale completed during this financial year.'' Tsim Sha Tsui Properties saw net profit slide in the same period by 21.08 per cent to $516.42 million, with earnings per share down 24.71 per cent to 45.7 cents.
Full-year dividend was also flat at 18 cents, after a final payment of 10 cents a share.
