Ashurst represented real estate developer Far East Consortium International on its subscription to HK $ 129.5 million (US $ 16.7 million) convertible bonds from Apex Centric, a wholly owned subsidiary of Hong Kong-listed beauty and beauty retailer Lifestyle products Bonjour.
The five-year bonds are convertible into Bonjour shares, which represent 16.65% of the expanded issued share capital of the group. This is the company’s first convertible bond offering.
The transaction establishes a strategic partnership between Far East Consortium International and Bonjour and includes future redevelopment rights for a property in Hong Kong and the development of an e-commerce platform.
The Ashurst team was led by partner Jini Lee and comprised partners Eric Tan and Frank Bi, senior associate Sharon Cong, and employees Lynn Liu and Christy Li.
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