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Technology Stocks : Softbank Investment International (HK0648)

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To: Yamakita who started this subject	7/11/2002 11:02:37 PM
From: ms.smartest.person	of 615

Hutchison taps into 30pc of Softbank bond Wednesday June 26 2002 DENISE TSANG Technology investor Softbank Investment International (Strategic) plans to raise HK$280 million for expansion in China from a series of investors including conglomerate Hutchison Whampoa. The company said on Tuesday the funds would be raised through a new share sale for HK$30 million and the issue of a HK$250 million convertible bond. The proceeds will be used to fund the acquisition of a mainland-based software developer and for the establishment of funds for mainland investment. Softbank chief executive Wong Sin-just said: 'The fund-raising exercises will help us expand further into China.' Hutchison, which has recently tapped into smaller capitalisation companies, will take up about 30 per cent, or HK$85 million, of the convertible bond. The move will give the conglomerate a stake of almost 10 per cent on full conversion. The convertible bond will last for three years and can be converted into Softbank shares at 31 HK cents per share. Mr Wong said Softbank planned to issue 100 million new shares at 30 HK cents each to a number of investors. The sale price is the same as the closing price on June 14, the last trading day before a share suspension on June 17. Softbank plans to spend HK$30 million for 30 per cent of software firm Shenzhen Huijin Science and Technology. Valued at HK$100 million, Huijin develops software largely for the telecommunications, finance and tourism sectors. Mr Wong said Huijin supplied software to about 30 per cent of the securities brokerages in China. 'The company is profitable, with a net profit of 20 million yuan last year.' He said Softbank had earmarked about HK$100 million to establish funds to invest in mainland companies, with the aim of having one fund in each key city. archive.scmp.com

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