STELUX Holdings has an agreement with Nomura Bank Switzerland to issue up to 125 million Swiss franc-denominated convertible notes which will be offered to investors in Switzerland. The notes will not be offered for sale in Hong Kong. The notes will be convertible into ordinary shares after May 9, 1994. The interest rate has yet to be decided. Nomura has agreed in principle to underwrite in part and will attempt to find other banks to underwrite the issue.