BGMC International Limited
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1693.HK)
Successfully Completed the Offering With Overwhelming Response
in Global Offering, Priced at HK$0.7 per Share
(8 August 2017, Hong Kong) Focusing on providing a wide range of construction services and capable of undertaking PPP projects based on the "Build, Lease, Maintain and Transfer" ("BLMT") model, the Malaysian-based construction services company, BGMC International Limited ("BGMC" or the "Group"), announced the allotment results of Hong Kong Public Offering today. The demands for subscription of shares in the Hong Kong Public Offering was overwhelming, which amounted to 30.37 times of the number of shares available for the initial subscription, each share was priced at HK$0.7. BGMC's Shares are expected to commence dealings on the Main Board of The Stock Exchange of Hong Kong on Wednesday, August 9, 2017, the stock code is 1693.
The Group offered 450,000,000 Shares under the Global Offering, of which 315,000,000 for International Placing, and 135,000,000 Shares for the Hong Kong Public Offering. Based on the Offer Price of HK$0.7 per share, the net proceeds from the Global Offering to be received by the Company after deducting underwriting fees and estimated expenses in connection with the Global Offering, is estimated to be approximately HK$265.2 million. The Group intends to use such net proceeds as follows:
(1) financing the start-up, operation and implementation costs for the prospective construction projects (approximately 65.0% of the total estimated net proceeds);
(2) financing the acquisition of additional machinery and equipment to lower construction costs in the long-term (approximately 25.0% of the total estimated net proceeds);
(3) working capital and other general corporate purposes (approximately 10.0% of the total estimated net proceeds).
Fortune Financial Capital Limited is the Sole Sponsor on this IPO, while Fortune (HK) Securities Limited is the Sole Global Coordinator. The Joint Bookrunners and Joint Lead Managers are China Everbright Securities (HK) Limited, Fortune (HK) Securities Limited and Head & Shoulders Securities Limited respectively.
Tan Sri Dato' Sri GOH Ming Choon, Chairman and Executive Director of BGMC, said, "BGMC, being a Malaysia-based construction services company, provides a wide range of construction services and capable of undertaking PPP projects based on the BLMT model. Armed with experienced management team and strong board of Directors, we boasts an established reputation and a strong customer base over the years. BGMC strives for listing on the Main Board of the Stock Exchange of Hong Kong, in order to enhance the Group's capital funding, brand influence, as well as reputation. The Groups also intends to undertake more BLMT or PPP projects in Malaysia and overseas, especially in the ASEAN Region, to ensure its long-term and steady cash inflow."
About BGMC International Limited
Founded in 1996, BGMC International Limited is a construction services company based in Malaysia. With an operating history of over 20 years, it provides a wide range of construction services to customers. Armed with experience and expertise in construction services, the Group is capable of undertaking public private partnership (PPP) projects based on the Build, Lease, Maintain and Transfer (BLMT) model that can allow it to generate long-term recurring cash flow.
08/08/2017 Dissemination of a Financial Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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