Simsen International (00993.HK) has agreed to purchase convertible notes of King Stone Energy Group (00663.HK) with an aggregate principal amount of HK$289.205 million for HK$289.205 million. King Stone is principally engaged in the mining and selling of coal, trading of phosphorus products, and trading of optical products.

The notes' conversion price of HK$1.25 per share represents a premium of 48.81% to King Stone's closing price of HK$0.84 yesterday. The notes are convertible into 231 million King Stone shares, representing 13.94% of the enlarged issued share capital of the company.