Ashurst represented property developer Far East Consortium International on its subscription to HK$129.5 million (US$16.7 million) convertible bonds issued by Apex Centric, a wholly owned subsidiary of Hong Kong-listed beauty and lifestyle products retailer Bonjour.
The five-year bonds are convertible into shares of Bonjour, which represent 16.65% of the group’s enlarged issued share capital. This is the first convertible bond offering by the company.
The transaction establishes a strategic partnership between Far East Consortium International and Bonjour and involves future redevelopment rights over a plot in Hong Kong and the development of an e-commerce platform.
The Ashurst team was led by partner Jini Lee, and included partners Eric Tan and Frank Bi, senior associate Sharon Cong, and associates Lynn Liu and Christy Li.