MMG (01208) plans to issue $500 million zero-coupon convertible bonds due in 2030.

MMG (01208) announced that on September 29, 2025, the company entered into a subscription agreement with an agent, whereby the company agreed to issue bonds with a total principal amount of $500 million (zero-coupon convertible bonds due in 2030 with a value of $500 million). The agent agreed individually and not jointly to subscribe and pay for the bonds, or to cause subscribers to subscribe and pay for the bonds, subject to various conditions as set out in the subscription agreement. Assuming all bonds are converted at an initial conversion price of HK$8.40 per share, the bonds will be converted into approximately 463 million shares, representing approximately 3.81% of the total issued share capital of the company as at the date of this announcement, and approximately 3.67% of the enlarged issued share capital of the company after full conversion of the bonds. Upon completion of the bond issue, the company intends to use the net proceeds from the issuance of the bonds for the refinancing of the group's overseas debt.