Merdeka Financial Group Limited announced that it has entered into a subscription agreement of a private placement of convertible bonds for gross proceeds of HKD 91,000,000 on November 14, 2022. The transaction will include participation from Team Sunny International Holdings Limited. The company will issue the convertible bonds at issue price of 100 per cent.

The notes will bear zero coupon. The notes are convertible into common share of the company at initial conversion of HKD 0.186 per share for 489,247,311 conversion shares. The holder has the right at any time during the conversion period to convert the whole or part of the outstanding principal amount in amounts of not less than a whole multiple of HKD 500,000 on each conversion.

The company shall be entitled to redeem the outstanding notes in multiple of HKD 500,000 an amount equivalent to 100% of the principal amount at any time after the date of issuance. The notes will mature on August 12, 2024.