CLOSES AT HK$0.700 PER SHARE
APPROXIMATELY 40.0% HIGHER THAN OFFER PRICE
HONG KONG, Nov. 8, 2018 /PRNewswire/ -- Hon Corporation Limited ("Hon" or the "Company"; Stock Code: 8259), a main contractor in building and infrastructure projects and interior decoration projects as well as term contracts in Singapore, today announced its Shares has commenced trading on the GEM of The Stock Exchange of Hong Kong Limited.
Fortune Financial Capital Limited is the Sole Sponsor; I Win Securities Limited is the Sole Bookrunner; I Win Securities Limited and Head & Shoulders Securities Limited are the Joint Lead Managers; Alpha Financial Group Limited is the Co-Lead Manager; I Win Securities Limited, Head & Shoulders Securities Limited and Alpha Financial Group Limited are the Underwriters.
The Shares of Hon were stably traded on 7 November 2018 and recorded a remarkable performance. The intra-day high was HK$0.900 per Share with the closing price at HK$0.700 per Share, approximately 80.0% and 40.0% higher than the Offer Price of HK$0.50 per Offer Share, respectively. A total of approximately 90.47 million shares were traded. The total turnover amounted to approximately HK$69.17 million.
Mr. Ho Lien Hwai, Chairman, Executive Director and CEO said, "Hon is officially listed on the GEM of The Stock Exchange of Hong Kong Limited, and we are beyond excited. This marks a major milestone as well as a new chapter of the Company. We are glad to see the support from investors in our future growth potential. We believe that our competitive advantages will enable us to maintain sustainable growth in our business and create long-term shareholders' value in the near future."
Hon Corporation Limited (Stock Code: 8259)
Hon has more than 15 years of experience in building and infrastructure projects involving various types of buildings, including institutions, industrial, commercial and residential buildings, and is a main contractor in building and infrastructure projects and interior decoration projects in public and private sectors in Singapore. The Company also acts as a main contractor in term contracts in the public sector in Singapore for amongst others, the provision of maintenance services, repairs and renovations. The Company has established a solid track record and has an experienced and dedicated senior management team which has enabled them to build a presence in the building and construction industry in Singapore over the past 15 years. The Company possesses the ability to provide a broad and comprehensive scope of services under its existing repertoire of licences and registrations such as the GB1 Licence as well as its complementary registrations including CW01 workhead for ''General Building'', CW02 workhead for ''Civil Engineering'', and ME15 workhead for ''Integrated Building Services''. The Company's operations department is well-equipped with computer-aided design equipment and detailing software which enables the Company's engineers to effectively plan, design, construct and manage the entire building and construction process more efficiently. In addition, the Company has been continuously accredited with certifications such as ISO 9001:2015, ISO 14001:2015, OHSAS 18001:2007 and bizSAFE STAR certifications for building and construction services, a testament to the systems and procedures that the Company has in place to deliver high quality services, environmental, health and workplace safety that conform to Singapore's regulations.
This press release is not for release, publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia). This press release does not constitute or form a part of any offer to sell or solicitation to purchase or subscribe for securities in the United States or in any other jurisdictions. The Offer Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws of the United States or other jurisdictions, other than Hong Kong, and may not be offered, sold, pledged or transferred or delivered within the United States unless pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act or any applicable state securities laws of the United States. The Offer Shares may only be offered and sold outside of the United States in offshore transactions in accordance with Regulation S under the U.S. Securities Act. There will be no offer or sale of the Shares in the United States.
You are cautioned not to place undue reliance on any forward-looking statements contained herein. We cannot give any assurance that these forward-looking statements will prove to have been correct. These forward-looking statements are not a guarantee of future performance and are subject to certain risks, uncertainties and assumptions. We do not have any obligation to publicly update or revise any forward-looking statements herein, whether as a result of new information, future events or otherwise.
Unless otherwise defined, terms in this press release shall have the same meanings as those defined in the prospectus of the Company dated 22 October 2018 (the "Prospectus").