Mainboard-listed industrial fishing company China Fishery Group (SGX: B0Z.SI) says it intends to undertake a global offering of new ordinary shares and seek a dual primary listing of all the ordinary shares of China Fishery on the Mainboard of the Stock Exchange of Hong Kong.
China Fishery plans to allot and issue up to 175 million new ordinary shares with an over-allotment option of up to 25 million new shares.
Group Managing Director Ng Joo Siang says, “China Fishery is on the fast track for growth. The Proposed Global Offering will strengthen the group’s share capital base and will provide additional funding to improve the execution of our business strategy and future plans, as well as providing us with an additional channel to raise capital through gaining access to a wider range of institutional and retail investors.”
Ng adds, “China Fishery derives more than half its revenue from the PRC, with China-consumption being a key driver of the group’s growth. Listing in Hong Kong will allow China Fishery to expand and diversify its investor base by facilitating additional institutional and local retail investors in Hong Kong to participate in the equity of China Fishery and will also enable the group to enhance its profile in China/Asia and thereby further strengthening its business and customer base in the region. With the dual primary listing on SEHK, we believe that liquidity of China Fishery’s shares will improve.”
China Fishery the offer price will not be at a discount of more than 10% to the weighted average price for trades for the full market day on which the price is determined.
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