MMG issues $500m zero coupon convertible bonds due 2030

MMG Limited is set to issue $500,000,000 in zero coupon convertible bonds due 2030, with an issue price of 100.00 per cent. The bonds, which will not bear interest, are intended for purchase by professional investors only and will be listed on the Hong Kong Stock Exchange, with listing expected to be effective on or about 9 October 2025. The proceeds of approximately $494,000,000 will be used to refinance the Group’s offshore indebtedness.

The company's financial overview as of 30 June 2025 shows total assets of $15.49 billion and total equity of $7.06 billion. Basic earnings per share for the six months ended 30 June 2025 were $2.80 cents. The issuance is part of MMG's strategy to maintain a strong balance sheet and diversified access to funding channels.

The conversion price for the bonds is initially set at HK$8.40 per share. Shares issued upon conversion will be fully-paid and rank pari passu with existing shares. The company’s major shareholder, CMC, owns approximately 67.43% of the issued share capital.