CTS enhances liquidity with placement

China Travel Services (CTS) has completed a secondary share placement to maintain its current ownership level in China Travel International Investment, following the exercise of a convertible from subsidiary to parent.

Full conversion of a HK$600 million $77 million convertible bond issued by the subsidiary in March has prompted a subsequent share placement led by BNP Paribas Peregrine on Tuesday.

The original convertible deal comprised an 18 month offering, carrying a coupon of 2% and a 5.7% conversion premium to China Travel International Investment's closing share price of HK$1.07 on March 21. The 530 million share deal was converted by the parent at HK$1.13 per share....

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