FIRST Pacific Davies (FPD) plans to issue $300 million worth of convertible notes in order to fund its expansion in Hong Kong.
The company said the proceeds from the note sale would go to increasing its stake in the Guardforce security company to 93 per cent.
The money would also be used to acquire businesses that complement its integrated property services arm and its forthcoming development in Kowloon.
Proceeds from the sale would also be used as working capital for existing businesses within the group.
'We have over the last couple of years set a course for FPD to become an integrated property services company and with the proceeds from the issue, we will be able to take another step towards our aim of boosting the contribution from the service side of the business to around 70 per cent of profit,' said David Davies, chairman and managing director of FPD.
He said in future he expected more profit to come from support services offered to the construction industry and from the programmed maintenance of hospitals and schools.
