Today: November 19, 2017, 6:01 am

WWPKG Holdings Company Limited Announces Its Subscription Results 2017-01-11 01:38:01

Recorded 861 times over-subscription for its public offer

WWPKG Holdings Company Limited Announces Its Subscription Results

For media inquiries:
Stimulus Investor Relations Ltd.
Ms. Hill Ho, +852 3159 2944
Ms. Jessica Choi, +852 3159 2916

WWPKG Holdings Company Limited (“WWPKG”, together with its subsidiaries, the “Group”; stock code: 8069), a leading travel agent 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 861 times. The offer price per Share has been set at the upper-end of the offer price range at HK$0.80 per Share. Dealing in the Shares on the Growth Enterprise Market of The Stock Exchange of Hong Kong will commence on 12 January 2017 (Thursday).

A total of 100,000,000 Shares are offered under the Share Offer, of which 50,000,000 Shares, or 50% is offered by way of Placing (after re-allocation). The remaining 50%, or 50,000,000 Shares, are offered under the Public Offer (after re-allocation). Based on the final offer price of HK$0.80 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$57.8 million.

The Group intends to apply the net proceeds as follows: 1) approximately 44.5% to be used to promote brand recognition and awareness through digital marketing and other marketing campaigns; 2) approximately 24.9% to be used to strengthen and enhance sales channels by refurbishing existing branches, setting up a new branch and developing and enhancing online sales platform; 3) approximately 20.6% to be used to improve operational efficiency by improving information systems and renovating offices; and 4) approximately 10.0% to be used for general corporate and working capital purposes.

Lego Corporate Finance Limited is the Sole Sponsor and Great Roc Capital Securities Limited is the Sole Global Coordinator, Sole Bookrunner, and Sole Lead Manager of the Share Offer. Co-Managers of the Share Offer are Ample Orient Capital Limited, Bonus Eventus Securities Limited, Convoy Investment Services Limited and KGI Capital Asia Limited.

Mr. Yuen Chun Ning, the Chief Executive Officer 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 sales network, expand our staff team and enhance our brand recognition and awareness, as well as increase our market share by continuous development of new products and services, including exploring new destinations and developing high-end outbound package tours, to capture greater market share in the outbound package tours, travel related products and services market in Hong Kong.”

About WWPKG Holdings Company Limited

WWPKG is founded in June 1979. The Group has become one of the long-established and well-known local travel agents, with 37 years of business in the travel service industry in Hong Kong under the brand “縱橫遊”. Its major business is the provision of outbound package tours with particular focus in Japan bound tours. The Group also offers other travel products and services to customers including free independent traveller (FIT) products and other ancillary travel related products and services.

Currently, the Group sells products and services through a number of channels including four branches in Causeway Bay, Tsim Sha Tsui, Mongkok and Shatin, as well as online sales platform. The Group also sells tailor made tours to customers through MICE tour department, as well as sells travel products to other travel agents in Hong Kong and Macau.

According to the industry research report, the Group was the second largest travel agent in Hong Kong in terms of number of travellers for package tours bound for Japan in 2015, and ranked eighth in terms of number of travellers for outbound package tours amongst the travel agents in Hong Kong which provided outbound package tours in 2015.

Press Information

Published by
Hossam Abdel-Kader
+43 1 9582319

# 699 Words
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