Hong Kong-listed J&T Global Express aims to raise HK$4.7 billion for tech, overseas expansion
The company says that the bonds will have an initial conversion price of HK$14.55 per class B share
[BENGALURU] Indonesian courier services firm J&T Global Express said on Friday (Jan 23) that it seeks to raise around HK$4.7 billion (S$770 million) through an issue of convertible bonds.
The company said that the bonds will have an initial conversion price of HK$14.55 per class B share, with the same convertible into around a maximum of 319.6 million new shares.
The proceeds will be used to develop the group’s overseas business and technology advancement, optimise the group’s capital structure, including share repurchase, and for other corporate purposes, J&T Global said.
“It is intended that the 2026 Convertible Bonds will be listed on the Hong Kong Stock Exchange,” the firm said.
Launched in Indonesia in 2015 by two former executives at Chinese electronics firm Oppo, J&T quickly became the largest e-commerce delivery service in South-east Asia.
The company acquired Alibaba-backed Best’s express delivery business in China in 2021 in a deal valued at about US$1.1 billion, which helped launch an aggressive China expansion at the time. REUTERS
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