China Fishery Group: seeks global offering of new shares and dual primary listing on the Hong Kong Stock

December 20, 2010 15:23

China Fishery Group (CFG) announced its intention to undertake a global offering of new ordinary shares and seek a dual primary listing of all the ordinary shares of CFG on the main board of the Hong Kong Stock Exchange (HKEX), reports www.megafishnet.com with reference to China Fishery Group.

CFG plans to allot and issue up to 175m new ordinary shares pursuant to the proposed global offering, with an over-allotment option of up to 25m new shares. The offer price will be determined closer to the date of the commencement of the proposed global offering but it will not be at a discount of more than 10% to the weighted-average price of trades of CFG for the full market day on which the offer price is determined.

According to the CEO, Mr Ng Joo Siang, the rationale for the listing is to 1) strengthen the group's capital base and provide additional funding to improve the execution of its business strategy and future plans; 2) provide an additional channel for raising capital through gaining access to a wider range of instituitional and retail investors; 3) enhance its profile in China/Asia, further strengthening its business and customer base in the region, and 5) improve liquidity.

Details concerning utilisation of the proceeds will be disclosed in the prospectus that will be issued in connection with the proposed global offering. The Proposed HKEX listing and proposed global offering are subject to, among other things, approval by the Listing Committee of the SEHK and in-principle approval from SGX-ST for the listing of, and permission to deal in, the New Shares on the Main Board of HKEX and the Main Board of SGX-ST (as the case may be), and the approval of the shareholders of the Company and Pacific Andes International Holdings Limited, its holding company listed on HKEX. Accordingly, Shareholders and potential investors should be aware that there is no assurance that the proposed HKEX Listing will take place or as to when it may take place. Further announcement(s) in relation to the proposed HKEX listing and proposed global offering will be made at the appropriate time.

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