Source: Media Outreach
Headline: B & S International Holdings Ltd. announces its subscription results ; Recorded approximately 2,600 times of over-subscription for its public offer
HONGKONG, CHINA – Media OutReach – 13 Mar 2018 – B & S International Holdings Ltd. (“B & S International”, togetherwith its subsidiaries, the“Group”; stock code: 1705), a food and beverage company, announced the 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 very significantly over-subscribedby approximately 2,600 times. The finaloffer price per Share has been set at the upper end ofthe offer price range at HK$1.00per Share. Dealings in the Shareson the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) is expectedto commence on 14 Mar 2018 (Wednesday).
Due to very significant over-subscription in thePublic Offer, the re-allocation procedures have been applied. A total number of40,000,000 Shares underthe Placing have been re-allocated to the Public Offer, so that the totalnumber of Shares available under the Public Offer has been increased to 50,000,000 Shares, representing 50% of thetotal number of the Shares available under the Share Offer. Based on the final offer price of HK$1.00 per Share, the net proceeds from theShare Offer to be received by the Company (after deducting underwriting feesand estimated expenses in connection with the Share Offer) is estimated to be approximately HK$71.1 million.
B & S International intends to use these netproceeds for the following purposes: 1) approximately 65.6% for opening of newretail outlets; 2) approximately 17.2% for leasing and setting up new warehousefacilities of a gross floor area of approximately 30,000 sq.ft. in aggregate;3) approximately 5.1% for upgrading its ERP system; 4) approximately 3.5% forrecruitment of three additional marketing sales personnel for the distribution business;and 5) approximately 8.6% for general working capital purposes.
Lego Corporate FinanceLimited is the Sole Sponsor. Lego Securities Limited is the Sole GlobalCoordinator and the Joint Bookrunner. Kingsway Financial Services GroupLimited isthe Joint Bookrunner and theJoint LeadManager. China Galaxy International Securities (Hong Kong) Co., Limited andBrilliant Norton Securities Company Limited are the Joint Lead Managers.
Mr. Chan Kam Chuen Andrew, Chairman,Executive Director & Chief Executive Officer of the Company, said, “We believe that the result of theShare Offer has affirmed market’s recognition of the Group’sbusiness and confidence in our future prospects. We are honoured that investors have shown great support to the Group. Listing on the Main Board ofSEHK enables the Group tofurther strengthen our distribution business and retail business network, enhance our brand recognitionand capture greater market share in thelocal food and beverage industry.”
About the Group
TheGroup is a well-established food and beverage company, with over 27 years ofoperating history in Hong Kong. The Group has two business segments, namely thedistribution business and the retail business. The Group offers various foodand beverage products from over 100 brands during the past three years,including top brands such as “UHA” (味覺糖) under its distribution business.Currently, the Group operates 42 retail outlets and manages one retail outletunder its retail business, including top retail brand “TenRen” (天仁茗茶), which ranked first in the tea drinks chain marketin Hong Kong by revenue for the period from 1 November 2016 to 31 October 2017.
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