Hong Kong, April 19, 2016 (GLOBE NEWSWIRE) --
Proposed Private Placement of Shares
First Asia Holdings has proposed to issue shares by way of private placement to independent professional investors, institutional investors or other specific investors in a non-public offering manner. Investors will subscribe, in cash, for shares to be issued in the private placement. The placing shares, when fully-paid and issued, will rank pari passu in all respects with the existing issued shares of the Company and will receive all dividends and distributions declared, made or paid on or after completion of the placing.
Although the Company is financially sound, the directors of the Company are of the view that the placing will further strengthen the capital base of the Company and the directors of the Company consider the placing to be in the best interest of the Company. The net proceeds from the placing is approximately US$6,000,000. It is intended that the net proceeds will be used to seek secondary listing opportunities in Hong Kong and remaining balance for general working capital and enable the Company to capture investment opportunities, optimize the financing structure of the Company and manage the overall financial cost within reasonable range.
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