On July 30th, 2024, STERLING GP (01825.HK) announced that the company entered into a placement agreement with the placing agent. According to this agreement, the placing agent (as agent for the company) conditionally agreed to use its best efforts to procure not less than six placing participants (who and whose ultimate beneficial owners must be independent third parties) to subscribe for up to 48 million placing shares at the placing price of HKD0.11 per placing share.
The placing shares represent approximately 16.7% of the total number of issued shares after the distribution and enlargement of the issued placing shares (assuming that the total number of issued shares has not changed from the date of this announcement to the completion date besides the issued placing shares). The placing price is HKD0.11 per placing share, which is approximately 1.8% lower than the closing price of HKD0.112 per share reported by the Exchange on the date of the placing agreement; the expected net proceeds from the placing (after deducting the placing commission and other related expenses (including (among others) professional fees) in connection with the placing) is approximately HKD5.12 million, which corresponds to a net issue price of approximately HKD0.1067 per placing share.
