SGX adjusts conversion price of 240 million euro convertible bonds in view of dividend

THE Singapore Exchange (SGX) will adjust the conversion price of its 240 million euro zero coupon guaranteed convertible bonds due 2024 to S$12.0532, from the current S$12.264.

On Thursday (Sep 28), the bourse said this accounts for a S$0.085 per-share dividend to be approved at SGX’s upcoming annual general meeting on Oct 5.

The adjusted conversion price of S$12.0532 is effective from Oct 16. Any exercise of conversion rights prior will be based on the current conversion price, or S$12.264.

Share transfer books and register of members of the company will be closed from 5 pm on Oct 13 for the preparation of dividend warrants. The payment of the final dividend will be made on Oct 20.

If approved, the total dividend payout for FY2023 will stand at S$0.325 per share, higher than the S$0.32 per-share payout in FY2022.

Through its indirect wholly-owned subsidiary, SGX Treasury I, SGX fully placed out the bonds in February 2021 at an initial conversion price of S$13.0944.

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The offer was over four times subscribed at 101 per cent of the principal amount of the convertible bonds due Mar 1, 2024.

The bonds are convertible into ordinary shares in SGX, and the payment is fully guaranteed by SGX.

Shares of SGX closed on Wednesday S$0.06 or 0.6 per cent lower at S$9.65.