WWPKG Holdings Company Limited Announces Its Subscription Results

11-Jan-2017 Intellasia | BusinessWire | 7:36 AM Print This Post

Recorded 861 times over-subscription for its public offer

HONG KONG–(BUSINESS WIRE)–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

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.


For media inquiries:
Stimulus Investor Relations Ltd.
Hill Ho, +852 3159 2944
[email protected]
Jessica Choi, +852 3159 2916
[email protected]


Category: BusinessWire, PRAsia

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