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| Thursday, 25 May 2017, 17:34 HKT/SGT | |
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| Share Price Fixed at HK$0.68 per share |
HONG KONG, May 25, 2017 - (ACN Newswire) - VBG International Holdings Limited ("VBG International" or "the Company"), one of the leading financial services providers in Hong Kong, today announced its share offering allotment results. The shares offered under the placing were over-subscribed and the public offer also recorded over-subscription by approximately 12 times. The share price has been fixed at HK$0.68 per share.
In order to achieve an open market and an adequate spread of Shareholders, the Board has resolved to reallocate all the Offer Shares initially offered under the Placing, namely 115,470,000 Shares, to the Public Offer for subscription by the public in Hong Kong.
Based on the final share price of HK$0.68 per share, the net proceeds from the issue of the new shares pursuant to the placing will be approximately HK$68.1 million and intend to be applied as follows:
Use of Proceeds / Approximate
- Expand placing and underwriting business / 66.8%
- Enhance and strengthen financial advisory business / 9.4%
- Expand network internationally and across the PRC / 20.6%
- General working capital / 3.2%
Ms. Letty Wan, Chairperson and Executive Director of VBG International, said, "We are pleased with the subscription results, which demonstrate the confidence of investors in our business and prospects. The listing of our shares on the Growth Enterprise Market ("GEM") Board of The Stock Exchange of Hong Kong Limited (the "SEHK") is a significant milestone for VBG International, providing us with strong impetus. Looking forward, the Company will continue to capitalize on the competitive advantages to realize opportunities for expansion and dedicate efforts to deliver satisfactory returns to our shareholders."
Trading of VBG International's shares is expected to commence on the GEM of SEHK on 26 May 2017 (Friday) under the stock code of 8365. The Share will be traded in board lots of 5,000 Shares each.
Dakin Capital Limited is the Sole Sponsor of the Share Offer, whereas Dakin Securities Limited and Ping An Securities Limited are the Joint Bookrunners and Joint Lead Managers.
About VBG International Holdings Limited
VBG International, as one of the leading financial services providers in Hong Kong, offers a wide range of professional services, covering (i) corporate finance advisory services (including sponsorship, compliance advisory, financial advisory and independent financial advisory); (ii) placing and underwriting services; and (iii) business consulting services. By offering a broad range of services to different segments of customers, the Company is able to expand the overall business. VBG International provides financial services to its customers and is committed to core values in (i) earning its customers' trust by delivering professional services, advice and solutions in their best interest; (ii) working in partnership with them with integrity and treating each other with respect; and (iii) maintaining a high quality environment that attracts, retains and develops the best people. For details, please refer to its company website: http://www.vbg-group.com/.
Media Inquiries:
One PR Limited
Tel: +852 2592 8121
Email: inquiry@onepr.com.hk
Topic: Press release summary
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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