Open Source Holdings (01215) announced that Jingyi Co., Ltd., a wholly-owned subsidiary of the company, has subscribed to China Gas (08246)...
According to the Zhitong Finance App, Open Source Holdings (01215) announced that Jingyi Co., Ltd., a wholly-owned subsidiary of the company, subscribes to China Gas (08246) for a three-year convertible bond with a total principal amount of HK$97.8 million and an annual interest rate of 8 percent. The convertible bonds mature on November 16, 2023.
As of the maturity date, no convertible bonds have been redeemed; the relevant interest has been paid; however, the principal amount has not yet been repaid. On November 17, 2023, the subscribing party requested China Gas in writing to repay the principal amount along with the accumulated default interest. On November 23, 2023, the subscribing party and China Gas held a meeting on debt repayment. On November 24, 2023, China Gas requires the subscriber to grant a grace period of three weeks, during which time China Gas will prepare and submit debt repayment proposals for the subscribers' consideration.
The company is currently seeking legal advice on appropriate legal actions to protect the interests of the company and its shareholders. The company believes that the outstanding debt has not had a significant adverse impact on the Group's financial position.