[ET Net News Agency, 7 October 2021] Zhongyu Gas Holdings Limited (03633) said (i)
Hezhong Investment Holding Company Limited (the placing shareholder) has agreed to appoint
the placing agent, and the placing agent has agreed to procure placee on a best efforts
basis to purchase the placing shares (being up to 188,000,000 shares) at a price of HK$5.8
per placing share; and (ii) the placing shareholder has conditionally agreed to subscribe
for, and the company has conditionally agreed to issue to the placing shareholder, the
subscription shares (being equivalent to the number of placing shares actually sold by the
placing shareholder pursuant to the placing) at HK$5.8 per subscription share.
The gross proceeds and net proceeds are expected to be HK$1,090.4 million and
approximately HK$1,080.9 million, respectively. It is intended that Hong Kong dollar
equivalent of US$100 million (approximately HK$779 million) will be used to repay the
indebtedness of the group (comprising outstanding bank loans and an interest-free loan
from a substantial shareholder in the amount of approximately US$50 million) and the
remaining net proceeds of approximately HK$301.9 million be utilised as general working
capital of the group, including payment of salary and rental expenses. (RC)