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| Tuesday, 5 December 2017, 09:46 HKT/SGT | |
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| Broadens Capital Base & Accelerates Education Operation Business Development |
HONG KONG, Dec 5, 2017 - (ACN Newswire) - China First Capital Group Limited ("CFCG" or the "Group"; stock code: 1269), announced today that the Group has entered into the Subscription Agreement with Champion Sense Global Limited (the "Investor"), a wholly-owned subsidiary of Huarong International Financial Holdings Limited to issue Convertible Bonds worth up to HK$800 million.
According to the Agreement, the Investor has conditionally agreed to subscribe convertible bonds at the initial Conversion Price of HK$3.27 per share, amounting in all up to HK$800 million. The amount represents approximately 5.12% of the existing issued share capital of the Group. CFCG intends to use the net proceeds from the Convertible Bonds issuance for the development of its education operation business and financial services business including investment in educational institutions and projects, launch of educational consultancy and management services, acquisition of overseas financial service licences, and expansion of the scope and scale of service of its existing financial service business.
Huarong's interest in making an investment into the Group reflects its confidence in the Group's business and growth potential. The directors of CFCG (including the independent nonexecutive directors) are of the view that the raising of funds by the issue of the Convertible Bonds is fair and reasonable having considered the recent market conditions which represent an opportunity for CFCG to enhance its working capital, strengthen its capital base and financial position and broaden its shareholders' base.
Dr. Wilson Sea, Chairman and Executive Director of CFCG, said, "We are happy to have earned the trust and support of the Investor. The funds raised can help enhance the Group's capital base and speed up development especially of its education operation business and financial services. Building on the Group's industry leadership and the funds to be secured, we will continue to optimize our development prospects and actively implement set business strategies, taking advantage of the favourable national education policies to capture market opportunities. In addition, we will continue to consolidate our advantages from owning various financial service licenses and diligently implement our 'Education Operation plus Financial Services' dual-pronged approach to grasp opportunities in and outside China, and realize the goals of driving growth of the Group and generating satisfactory returns for shareholders."
About China First Capital Group (stock code: 1269)
China First Capital Group focuses on consolidating education industry operation and our advantages from owning various financial service licenses. Through the coordination of financial services businesses, the Group strives to establish an operation, investment and financing platform for education business guided by its "Education Operation plus Financial Services" dual-pronged strategy, with the expectation of the education investment business to be the key driver of the Group's focus. Currently, the Group wholly owns First Capital Securities Limited (with a license for Type 1 and 4 SFC-regulated activities), First Capital Asset Management Limited (with licenses for Type 1, 4, and 9 SFC-regulated activities), First Capital International Finance Limited (with a license for Type 6 SFC-regulated activities), First Capital Finance Limited and First Capital International Holdings Limited. Thus the Group provides services such as dealing in securities, asset management, merger and acquisition, financial consultancy, credit financing and immigration financial services. First Capital Fund Management Company Limited, the subsidiary of the Group, focuses on exploring and investing in excellent educational projects in coordination of the financial services business, and is dedicated to advance the Company to become a well-known international education brand. For more information about CFCG, please visit the website: www.cfcg.com.hk
Topic: Press release summary
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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