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China Communication Telecom Services Co Ltd Announces Completion Of Placing Of New Shares Under General Mandate


Tuesday, 19 Mar 2013 06:50pm EDT 

China Communication Telecom Services Co Ltd announced that the condition of the Placing has been fulfilled and the Placing was completed on March 19, 2013, in accordance with the terms and conditions of the Placing Agreement. A total of 100,000,000 Placing Shares had been successfully placed by the Placing Agent to the Placee at the Placing Price of HKD0.31 per Placing Share. To the best of the Directors’ knowledge, information and belief having made all reasonable enquiries, the Placee and its ultimate beneficial owners, namely Mr. Wang Feilong and Mr. Li Chungang, who are interested in 109,900,000 Shares, representing approximately 8.49% of the existing issued share capital of the Company, are Independent Third Parties. The Board would like to clarify and confirm that save for the fact that Dr. Lam Lee G., a non-executive Director, is interested in 9.90% of the equity interest in the Placing Agent, the Placing Agent and its ultimate beneficial owners are Independent Third Parties. The net proceed from the Placing, after deducting the placing commission and other related expenses payable by the Company, are approximately HKD30.79 million. 

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