BGMC International Cuts Debt via Share-for-Credit Deal, Diluting Major Holders
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BGMC International Ltd. has completed a debt capitalisation exercise, issuing nearly 37 million new shares to redeemable secured loan stock holders and trade creditors, diluting existing shareholders' stakes. The shares were priced at HK$2.320 and HK$2.350, with no new cash raised. This move increases the company's share capital significantly and reduces balance-sheet debt, potentially easing financial pressure and reshaping control dynamics among investors. BGMC operates through construction-related subsidiaries and has a market cap of HK$191.8M.
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