Closed at HK$0.41 per Share 46% Higher than Offer Price
HONG KONG, Feb 26, 2018 - (ACN Newswire) - Polyfair Holdings Limited ("Polyfair Holdings" or the "Group", stock code: 8532), a subcontractor that provides one-stop facade and curtain wall works solutions in Hong Kong, has commenced dealing on the Growth Enterprise Market ("GEM") of The Stock Exchange of Hong Kong Limited ("HKSE") today.
The shares of Polyfair Holdings were actively traded today and recorded a satisfactory price performance. The intra-day high was HK$0.45 per share. The closing price was HK$0.41 per share, approximately 46% higher than the Offer Price of HK$0.28 per Offer Share.
Mr. Chow Mo Lam, Executive Director and the Chairman of the Board of Polyfair Holdings Limited, said "As the Group is officially listed on HKSE today, Polyfair Holdings's business development has entered a brand new stage. We are happy to receive the recognition of investors on the Group's development potential and prospects. We believe that with the Group's well-established track record in the industry, stable business relationships with major suppliers and customers, one-stop professional services as well as our extensive experience and technical know-how of the management team, the business of the Group will continue to grow steadily, which strengthens the Group's market position in the facade and curtain wall industry, and brings maximum returns to shareholders."
Polyfair Holdings offered a total of 200,000,000 shares, with an Offer Price of HK$0.28 per Offer Share and a board lot size of 8,000 shares. After deducting the related expenses in connection with the listing and share offer, the net proceeds from the share offer is approximately HK$30.2 million. Proceeds from share offer will be mainly used for settling upfront costs of three new projects and one potential project, satisfying the surety bond requirement of one of the new projects, expanding operation teams, offices and equipment, as well as general working capital.
Sunfund Capital Limited is the Sole Sponsor of the share offer. Huabang Securities Limited and Future Land Resources Securities Limited are the Joint Bookrunners and Joint Lead Managers, whereas Sunfund Securities Limited is the Co-Lead Manager.
About Polyfair Holdings Limited
Founded in 2006, Polyfair Holdings Limited ("Polyfair Holdings" or the "Group") is a subcontractor that provides one-stop facade and curtain wall solutions in Hong Kong. Its design services generally include developing designs, conducting structural calculations and preparing shop drawings; while project management services generally include sourcing and procuring building materials, arranging for building material logistics and installation works, on-site project management and post-project completion services. With its business philosophy of "Excellence in Quality and Services", the Group has completed facade and curtain wall works for over 20 projects, covering both commercial and residential buildings. It has also undertaken a project for large scale residential complex, namely the Victoria Skye located in the Kai Tak district. More details: www.polyfaircurtainwall.com.hk
Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network
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