Suncity gets two-year extension to bond maturity

Suncity Group said it has secured a two-year extension to the conversion date of outstanding convertible bonds, which are mostly held by a company controlled by Chairman Alvin Chau.

The bonds were due to expire in Dec. 2020, but will now expire in 2022, enabling the company to postpone a “substantial” cash outflow. It also noted full or partial conversion would mean that the company would fall foul of stock exchange rules requiring a public float of at least 25 percent.

Suncity gets two-year extension to bond maturity (Company filing)