VIVA Biotech falls on plan to sell unit's stake, convertible bonds issue

VIVA Biotech Holdings

12/06/2023 04:03

** Shares of VIVA Biotech Holdings  1873.HK  fall as much as
16.8% to HK$1.58, their lowest since June 5
    ** Stock on course for the biggest one-day pct drop since
debut in May 2019 if losses hold; biggest percentage decliner in
Hang Seng Composite Index  .HSCI  
    ** Shanghai-based structure-based drug discovery services
provider says it plans to sell 24.21% stake in Viva Biotech
(Shanghai) to Temasek Holdings' Daxue Investments, HLC VGC
Partners, Qingdao Hongyi Investment and True Light Investments
for an aggregate 1.06 bln yuan ($148.34 mln) 
    ** Says proceeds will be used to redeem the December 2025
Convertible Bonds 
    ** Co also says it plans to issue HK$470 mln ($59.96 mln)
worth of bonds convertible into 235 mln new shares at an initial
conversion price of HK$2 apiece, raising proceeds for conducting
its internal corporate restructuring
    ** Hang Seng Commerce & Industry Index  .HSNC  slips 0.4%
and healthcare index  .HSCIH  falls 2.1%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both ease 0.2%
    ** As of last close, the stock had gained 8.6% this year


($1 = 7.8390 Hong Kong dollars)

($1 = 7.1459 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))