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Kamis, 10 Januari 2019 15:29:00

Best Mart 360 Holdings Limited announces its subscription results Recorded approximately 9.92 times of over-subscription for its public offer

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HONG KONG, CHINA, - 10 January 2019 - Best Mart 360 Holdings Limited ("Best Mart 360" or the "Company", together with its subsidiaries, the "Group"; stock code: 2360.HK), the second largest leisure food retailer in Hong Kong for the year ended 31 March 2018, is pleased to announce 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 significantly over-subscribed by approximately 9.92 times. The offer price per Share has been set at HK$1.0 per Share. Dealings in the Shares on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK") is expected to commence on 11 January 2019 (Friday).
 
A total of 250,000,000 shares will be offered under the Share Offer, of which 225,000,000 Shares, or 90%, will be offered by way of Placing; while the remaining 10%, or 25,000,000 Shares , will be 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$208.9 million.
 
Best Mart 360 intends to use these net proceeds for the following purposes: 1) approximately 66.5% for the opening of new retail stores; 2) approximately 13.5% for intensifying and broadening marketing efforts; 3) approximately 10.1% for upgrading information technology systems; and 4) approximately 9.9% for general working capital purposes.
 
Lego Corporate Finance Limited is the Sole Sponsor, while Lego Securities Limited is the Sole Bookrunner.
 
Mr. Lin Tsz Fung, 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 retail network, enhance our brand recognition and capture greater market share in the local leisure food industry." (*).
  

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