SHOUGANG Concord International Enterprises last night announced more than $1 billion of deals involving a corporate restructure and purchase of three bulk carriers.
The company said it planned to buy $1.09 billion worth of bulk vessels in a transaction to be satisfied 10 per cent in cash from internal resources, and a convertible bond.
The bond is a US$183 million, 4.5 per cent guaranteed convertible note due in 1998.
In the corporate restructure, Shougang Concord International has agreed to buy 50 per cent of a holding company from parent Shougang Hong Kong for $306.6 million in a deal involving shares.
Of the total, $78 million will be in cash and the rest will be in 84.4 million shares of Shougang Concord International to its parent at $2.70 each.
The deal also involves buying a loan of $171 million owed to Shougang Hong Kong by Essential Assets.
