CHINA – 15 October 2019 – CR Construction Group Holdings Limited (“CR Construction”, together with its subsidiaries, the “Group”; stock code: 1582.HK), the third largest main building contractor in Hong Kong in 2018 [1] , is pleased to announce the subscription results for its shares under the public offer (the “Public Offer”) and placing (the “Placing”, collectively , the ” Share Offer”) .
The S hares under the Public Offer have been significantly over-subscribed by approximately 8.87 times. The o ffer p rice per Share has been set at HK$1.0 per Share. Dealings in the S hares on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) is expected to commence on 16 October 2019 (Wednesday).
A total of 138,850,000 shares are offered under the Share Offer , of which 124,965,000 Shares, or 90%, are offered by way of Placing; while the remaining 10%, or 13,885,000 Shares, are offered under the Public Offer.
Based on the final offer price of HK$1.0 per Share, the net proceeds from the Share Offer to be received by the Company (after deducting underwriting commissions and estimated expenses in connection with the Share Offer) is estimated to be approximately HK$96.3 million.
CR Construction intends to use these net proceeds for the following purposes: 1) approximately 87.3% will be used for financing the upfront costs for potential new building construction works and RMAA works projects; 2) approximately 8.0% will be used in strengthening manpower; and 3) approximately 4.7% will be used in enhancing information technology.
First Shanghai Capital Limited is the Sole Sponsor, while First Shanghai Securities Limited, Zhongtai International Securities Limited, First Capital Securities Limited, Guotai Junan Securities (Hong Kong) Limited and Haitong International Securities Company Limited are the Joint Bookrunners and the Joint Lead Managers. Livermore Holdings Limited, CVP Securities Limited and Zinvest Global Limited are the Joint Lead Managers.
Mr. GUAN Manyu, Chairman and executive Director of the Group, said, “We believe that the result of the Share Offer has affirmed market’s recognition of the Group’s business and confidence in our future prospects.
We are honoured that investors have shown great support to the Group. Listing on the Main Board of SEHK enables the Group to further strengthen our industry position , enhance our brand recognition and capture greater market share in the local construction industry.”
