TBEA proposes convertible bond issuance for natural gas project

TBEA Co., Ltd. (SSE:600089) announced a preliminary proposal for a private placement of convertible corporate bonds to unspecified investors. The company plans to raise up to RMB 800,000.00万元, with proceeds primarily allocated to the "Junggar 20 Billion Nm³/year Coal-to-Natural Gas Project" in Xinjiang. This project is a key strategic initiative aimed at enhancing TBEA's energy business and transforming its coal resources.

The issuance aligns with TBEA's focus on high-quality development, aiming to strengthen core competitiveness and and sustainable growth. The convertible bonds will have a term of six years, with an initial conversion price set not lower than the average trading price of the company's stock for the twenty trading days preceding the announcement date. TBEA also provided an updated analysis of the potential dilution of immediate returns to shareholders and proposed mitigation measures, including stricter capital management and a revised profit distribution policy.

Financial data presented in the filings includes updated figures for the first half of 2025, with adjusted financial statements from 2022 to 2024 to ensure comparability following a business combination under common control. The proposal is subject to approval by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission.