Grand Talents Group Holdings Limited Announces Its Subscription Results; Recorded Approximately 14 Times of Over-subscription for Its Public Offer

October, 15/2018 - 03:33
Grand Talents Group Holdings Limited Announces Its Subscription Results; Recorded Approximately 14 Times of Over-subscription for Its Public Offer

HONGKONG, CHINA - Media OutReach - 12October 2018 - Grand Talents Group Holdings Limited ("Grand Talents Group", togetherwith its subsidiaries, the"Group"; stock code: 8516),a localsubcontractor engaged incivil engineering works, announcedthe subscription results for its shares (the "Shares") under the public offer(the "Public Offer") and placing (the "Placing", collectively, the "Share Offer"). The Shares under the Public Offer have been over-subscribed by approximately14 times. The final offer price per Share has been set at HK$0.40 per Share. Dealings in the Shares on GEM of the Stock Exchange of Hong Kong Limited("SEHK") are expected tocommence on 15 October 2018 (Monday).

 

Based onthe final offer priceof HK$0.40 per Share, thenet proceeds from the Share Offer to be received by Grand Talents Group (afterdeducting underwriting fees and estimated expenses in connection with the Share Offer) is estimated to be approximately HK$23.5 million.

 

Grand Talents Group intends to use these netproceeds for the following purposes: 1) approximately 37.4% to acquire additional machinery and equipment; 2)approximately 39.6% for strengthening its manpower to ensure sufficientmanpower for the newly awarded projects; 3) approximately 21.3% will be earmarked to take out surety/performancebonds issued by banks or authorised insurers in the amount of certainpercentage of the contract sum in favour of customers for potential projects; 4) approximately 1.7%for general working capital purposes.

 

Pulsar Capital Limited is the SoleSponsor. Sun International Securities Limited is the Sole Bookrunner and theJoint Lead Manager. ElstoneSecurities Limited is the Joint LeadManager.

 

Mr. Ha Chak Hung, Chairman and Executive Director of Grand TalentsGroup, said, "we believe that the result of theShare Offer has affirmed market's recognition of the Group'sfuture prospects. Listing on GEM of SEHKenablesthe Group to furtherstrengthen our equipment and manpower,and cater for the growing demand and Government expenditure in the civil engineering industry."


About Grand Talents Group Holdings Limited

Grand Talents Group Holdings Limited is a civil engineering subcontractorwith over eight years of experience in Hong Kong. It principally repairs andmaintains structures of roads and highways in Hong Kong. Since 2013, it has extended its services to the construction ofsewerage, waterworks and barrier-free access facilities. Grand Talents Grouprecorded approximately HK$91.8 million of revenue for the year ended 31 March2018. The Group intends to compete for repair and maintenance projects in otherregions in Hong Kong, to enhance its market and seize the opportunity ofGovernment expenditure in the civil engineering industry.


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