HONG KONG--(BUSINESS WIRE)--EFT Solutions Holdings Limited (the “Company”, together with its subsidiaries, the “Group”; stock code: 8062), a leading electronic fund transfer at point-of-sale (“EFT-POS”) solution provider in Hong Kong, announces the subscription results for its shares (the “Shares”) under the public offer (the “Public Offer”) and placing (the “Placing”, together with the Public Offer, the “Share Offer”). The Shares under the Public Offer were over-subscribed by 1,277 times. The Offer Price per share has been set at the upper-end of the offer price range at HK$0.56 per share. Dealing in the Shares on the Growth Enterprises Market of The Stock Exchange of Hong Kong will commence on 15 December 2016 (Thursday).
A total of 120,000,000 Shares will be offered under the Share Offer, 50% of which, being 60,000,000 Shares (comprising of 36,000,000 new shares and 24,000,000 sale shares), will be offered by way of Placing. The remaining 50%, being 60,000,000 Shares, will be offered under the Public Offer. Based on the final offer price of HK$0.56 per Share, the net proceeds from the Share Offer to be received by the Company (after deducting underwriting fees and estimated expenses in connection with the Share Offer) is estimated to be approximately HK$35.1 million.
The Group intends to apply the net proceeds as follows: 1) approximately 25.3%, will be used to expand its information technology workforce for total EFT-POS solutions; 2) approximately 15.4%, will be used to expand its information technology workforce for acquiring host software service; 3) approximately 15.4%, will be used to expand its business development workforce; 4) approximately 1.8%, will be used to enhance its information technology and network system; 5) approximately 5.6%, will be used for property improvements to accommodate new headcount; 6) approximately 28.4%, will be used for potential future strategic acquisitions or arrangements to expand its product portfolio or increase its market share; and 7) the remaining balance of approximately 8.1% will be used to provide funding for its working capital and other general corporate purposes.
Lego Corporate Finance Limited is the sole sponsor and Quam Securities Company Limited is the sole bookrunner and the sole lead manager of the Share Offer.
Mr. LO Chun Kit Andrew, the Chairman, Chief Executive Officer (“CEO”) and executive Director of the Company, said, “We are honoured that investors have shown great support in the Group. We believe that the response is the market’s recognition of the Group’s business and confidence in our future prospects. We strive to capitalise on the international financing platform in Hong Kong, in order to further strengthen our manpower and capture greater market share in the EFT-POS solution provider industry in Hong Kong.”
About EFT Solutions Holdings Limited
The Company is a leading EFT-POS solution provider in Hong Kong, with three business streams including sourcing of EFT-POS terminals and peripheral devices, EFT-POS System Support Service, and software solution services.
According to Frost & Sullivan Limited, in 2015, the Group ranked first in terms of revenue of providing EFT-POS System Support Service and revenue of sales of EFT-POS terminals and peripheral devices, with a market share of approximately 54.0% and 57.1% in Hong Kong respectively.