HONG KONG, CHINA – 29 May 2017 – Speed Apparel Holding Limited (“Speed Apparel”, together with its subsidiaries, the “Group”; HKSE: 8183), a Hong Kong apparel supply chain management services provider, announces the subscription results for its shares (the “Shares”) under the public offer (the “Public Offer”) and placing (the “Placing”, together with the Public Offer, the “Share Offer”). The shares under the Public Offer have been very significantly over-subscribed by approximately 400 times. The offer price per share has been set near the mid-point of the offer price range at HK$0.50 per share. Dealings in the shares on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited is expected to commence on 31 May 2017 (Wednesday).
Due to the very significant over-subscription in the Public Offer, the reallocation procedures have been applied. A total number of 50,000,000 shares under the Placing have been reallocated to the Public Offer, so that the total number of shares available under the Public Offer has been increased to 62,500,000 shares, representing 50% of the total number of the offer shares available under the Share Offer. Based on the final offer price of HK$0.50 per Share, the net proceeds from the Share Offer to be received by the Company (after deducting underwriting fees and estimated expenses in connection with the Share Offer) is estimated to be approximately HK$37.1 million.
Speed Apparel intends to apply the net proceeds as follows: 1) approximately 13.5% for strengthening and diversifying the Group’s customers base; 2) approximately 26.8% for further expanding the Group’s product mix to cater to the customers’ need; 3) approximately 20.2% for enhancing the Group’s design and development capabilities; and 4) approximately 39.5% for enhancing the Group’s inventory management to strengthen operational efficiency.
Messis Capital Limited is the Sponsor of Speed Apparel for the listing and Great Roc Capital Securities Limited is the Bookrunner.
Source: Media OutReach
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