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HONG KONG, July 7, 2010 - (ACN Newswire) - China Trends Holdings Limited ("China Trends", Stock Code: 8171.HK) today announced the results of the rights issue. A total of 1,117 valid acceptances of rights shares and applications for excess rights shares have been received, in which 8,747,611,652 excess Rights Shares were applied by the Qualifying Shareholders, representing approximately 28.47 times of 307,280,477 Rights Shares available for application under excess Rights Shares application. The subscription monies being frozen approximate to HK$473 million.
According to the prospectus made earlier, the net proceeds of the rights issue would be approximately HK$132 million. The Company intends to use part of the net proceeds as to approximately HK$100 million for future business development of energy-saving service business, including the commencement of energy-saving profit-sharing business between the Group and its customers by adopting the energy management contract (CEM), and the balance of approximately HK$32 million as general working capital.
Commenting on the results of the rights issue, Mr. Xiang Xin, Chairman of China Trends, said, "We are grateful for the strong support of our shareholders, whose positive response demonstrates a vote of confidence in the Group's future growth. With the support of the PRC government on energy-saving industry and introduction of policies to promote CEM business development, we plan to further work on the market of energy-saving and digital applications with the proceeds from the rights issue, which strengthens our financial position and we are poised to capture the opportunities for business expansion."
Certificates for fully-paid rights shares and refund cheques in respect of unsuccessful applications for excess rights shares are expected to be dispatched by 8 July 2010 (Thur). Dealings in fully-paid rights shares on the Stock Exchange are expected to commence from 9:30 am on 12 July 2010 (Mon).
Contact:
Carmen Lee
Investor Relationship Department
China Trends Holdings Limited
Email: carmen.lee@8171.com.hk
Tel: +852 2111 9988
Direct: +852 2155 6275
Mobile: +852 6301 6611
Fax: +852 2111 9989
Topic: Press release summary
Source: China Trends
Sectors: Daily Finance
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From the Asia Corporate News Network
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