HONG KONG, Dec. 9, 2014 /PRNewswire/ -- The board of directors of China Public Procurement Limited (HKEx stock code: 1094, the "Company" or "CPP") announced after the market closed today that, it has entered into the Placing Agreement with President Securities (Hong Kong) Limited, a Placing agent, and conditionally agreed to place up to 200,000,000 Placing Shares to the Placees. The Placing Shares represent approximately 1.67% of the existing issued ordinary share capital of the Company on 8 December 2014 and approximately 1.64% of the issued ordinary share capital of the Company as enlarged by the Placing Shares. The placing price is HK$0.242 per placing share. The net proceeds to be raised from the Placing will be approximately HK$47.38 million.
The Placing Shares are expected to be placed to not less than six Placees, who are individuals, corporate, institutional investors or other investors.
Mr. Cheng Yuanzhong, Chairman of the Company, said, "The net proceeds of the Placing, after deduction of expenses of approximately HK$1.02 million, is estimated to be approximately HK$47.38 million. The Company intends to apply such net proceeds from the Placing for general working capital of the Group. We believe that the Placing will further strengthen the capital base and financial position of the Group."
About China Public Procurement Limited
China Public Procurement Limited is listed on the Main Board of The Stock Exchange of Hong Kong (stock code: 1094). The Group is principally engaged in the development of the public procurement services which involves the provision of procurement services to general public and government in the PRC, and the development of EMC service.
