HK Stock Market Move | MOMENTUM FIN(01152) resumed trading and soared more than 300%, issuing convertible bonds to repay debts to creditors.

MOMENTUM FIN (01152) resumed trading and surged more than 300%, closing at 0.295 Hong Kong dollars, up 304.11%, with a turnover of 13,382.22 million Hong Kong dollars. In terms of news, MOMENTUM FIN announced that on July 5th, it reached a settlement agreement with creditors to restructure the debt and capitalize it, issuing convertible bonds with a principal amount of 178,615,220 Hong Kong dollars. The announcement stated that the convertible bonds have an annual interest rate of 3%, a term of 2 years, and a conversion price of 7.3 Hong Kong cents per share, the same as the closing price before the trading halt. It is proposed to issue approximately 2.446 billion new shares, accounting for approximately 71.36% of the enlarged share capital. The group noted that reaching the settlement agreement allows them to continue negotiations with creditors, who are willing to explore debt restructuring to repay the outstanding debts. Approval from shareholders is required for the proposed plan.