The distribution will be payable semi-annually in arrears in equal instalments.
The net proceeds arising from the issue of the bonds, after deducting issue expenses, will be used for general corporate and working capital purposes.
Currently, Brian Li Yiu Cheung, Waltery Law Wang Chak Grace Lo Kit Yee, directors of the group, have individually agreed to subscribe for US$4,000,000 in aggregate principal amount of bonds.
The bonds are expected to be issued on or around Oct 15, no later than Nov 30. The bonds will not be listed on any stock exchange.
See also: Surbana Jurong Group appoints Lim Cheng Cheng formerly of Singtel as group CFO
No lead manager, co-manager, placement agent or underwriter has been appointed for the issue of the bonds.
Shares in GP Industries closed 1.5 cents higher, or up 3.06%, at 50.5 cents on Sept 30.
