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HONG KONG, Dec 22, 2009 - (ACN Newswire) - China Innovation Investment Limited ("CH Innovation", Stock Code: 1217) receives a Conversion Notice from Harvest Rise Investments Limited ("HRIL"), which CH Innovation will allot and issue 200 million new Shares at the conversion price of HK$0.05 per Conversion Share to HRIL. After the allotment and issue of the new Shares, HRIL will hold an equity interest of about 27.93% in the enlarged issued share capital of the Company.
CH Innovation receives a conversion notice from HRIL, the sole bondholder of the Convertible Bonds, to exercise the conversion right attached to the remaining balance of the Convertible Bonds for a principal amount of HK$10 million at the conversion price of HK$0.05 per Conversion Share on 21 December 2009. Accordingly, 200 million new Shares will be issued and allotted to HRIL.
After the allotment and issue of the Conversion Shares above, HRIL will hold an equity interest of about 27.93% in the enlarged issued share capital of the Company. HRIL shall not transfer or dispose of the Conversion Shares within a period of six months commencing from the date of allotment and issue of the Conversion Shares, and thereafter the Conversion Shares are freely transferable subject to payment of stamp duty in Hong Kong.
HRIL is a private company wholly and beneficially owned by Mr. Xiang Xin, the Company's chairman & CEO, he's also the director of HRIL.
Contact:
Carmen Lee
Investor Relationship Department
China Innovation Investment Limited
Email: carmen.lee@ntg.com.hk
Tel: 2111 9988
Direct: 2155 6275
Fax: 2111 9989
Topic: Press release summary
Source: China Innovation Investment Limited
Sectors: Daily Finance
http://www.acnnewswire.com
From the Asia Corporate News Network
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