HONG KONG, Oct. 20, 2015 /PRNewswire/ -- SMI Holdings Group Limited ("SMI" or the "Company" and its subsidiaries, collectively the "Group", HKEx: 198), is pleased to announce that, after trading hours on 20 October 2015, the Company and an indirect wholly-owned subsidiary of Simsen International Corporation Limited ("Subscriber"), entered a non-legally-binding memorandum of understanding ("Memorandum of Understanding"). The Company will issue and the Subscriber will subscribe for the Two-year (extendable to three-year) 4% coupon convertible bonds with an aggregate principal amount of HK$300 million. The conversion price per share of the Company shall be HK$0.77.
Mr. CHENG Chi Chung, Executive Director and Chief Executive Officer of the Group said, "In view of the current financial market situation, the Proposed Subscription, if materialised, offers a good opportunity to the Group to strengthen its financial position in line with the Group rapid expansion strategy and broaden the shareholder's base of the Company. The net proceeds from the Proposed Subscription are expected to be used in the investment of cinema development territory."
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About SMI Holdings Group Limited (0198.HK)
SMI Holdings Group Limited (0198.HK) is a company listed on the Main Board of the Stock Exchange of Hong Kong. The Company is principally engaged in the business of movie theater operating and new complementary business, such as Xingmeihui and advertising & promotion business. Under its strong management team and powerful business network, the number of SMI's movie theater has grown from 3 in 2009 to 150 now.
