The company offers 100,000,000 shares between HK$0.56 AND HK$0.69 per share.
Travel Expert (Asia) Enterprises Limited (“Travel Expert”), on Thursday announced the details of its proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”).
Travel Expert intends to offer 100,000,000 shares in aggregate with 90,000,000 shares, or 90% of the offered shares, for placing and 10,000,000 shares, or the remaining 10% of the offered shares for the public offer in Hong Kong. The indicative offer price range will be between HK$0.56 and HK$0.69 per share. Assuming the final offer price is fixed based on the mid-point of the offer price range, net proceeds from the share offer will be approximately HK$49,500,000 after deducting the underwriting fees and other estimated expenses.
The roadshow has started on 5 September 2011 (Monday). The public offer in Hong Kong will begin on 16 September 2011 (Friday) and end at noon on 21 September 2011 (Wednesday). The final offer price and allotment results will be announced on 28 September 2011 (Wednesday). Dealing in the shares of Travel Expert is expected to commence on the Main Board of SEHK on 29 September 2011 (Thursday) under the stock code 1235. Shares will be traded in board lots of 5,000 shares. OSK Capital Hong Kong Limited (“OSK Capital”) is the Sole Sponsor of the listing, while OSK Securities Hong Kong Limited (“OSK Securities”) is the Sole Bookrunner and Joint Lead Manager.
Mr Daniel Ko, Chairman of Travel Expert, said, “We are delighted to see a big leap forward in the Group’s development. The proposed listing not only can provide abundant capital for accelerating our business development in Asia, especially in China, but can also reinforce the Group’s leadership in the local FIT1 market segment and further promote the continued growth of our business.”
Looking ahead, the Group plans to allocate more resources to develop its corporate sales business so as to consolidate the Group’s revenue base and generate more incentive income. In addition, the Group plans to capture expansion opportunities in Asia, particularly the booming China market, via acquisition, franchise and forming joint ventures. In April 2010, Travel Expert has obtained a certificate issued by the Trade and Industry Department of the HKSAR certifying that Travel Expert has met the standard of a Hong Kong service supplier as stipulated in the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) and its supplement(s). On this basis, the Group is setting up a wholly foreign owned enterprise in Shenzhen, China. It is also studying the feasibility of developing e-business in China and promotion of quality outbound tour packages from China and Hong Kong. Meanwhile, the Group is consolidating its operational infrastructure and enhancing staff training in an effort to prepare for future expansion, according to a Travel Expert report.
Mr Ko concluded, “To capture the tremendous opportunities available, the Group will leverage its brand advantages and the experience of Travel Expert in FIT services to expand our business scale and actively explore opportunities in China. We are confident we can deliver fruitful returns to our shareholders”.
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