Engineering contractor announces global share offering

Engineering contractor Macau E&M Holding has submitted a proposal for it to be listed on Hong Kong Stock Exchange main board.
The Macau-based company plans to offer a total of 125 million shares, comprising of 103.1 million new shares and 21.9 million sale shares, of which, 90% or 112.5 million shares will be for international offer.
Ten percent, or 12.5 million shares, will be for the Hong Kong Public Offering (subject to reallocation) at an indicative offer price ranging from HKD1.00 and HKD1.20 per share, as cited in a Business News Asia report.
Assuming an offer price of HKD1.10 per share, the net proceeds from the global offering – after deducting underwriting fees and commission and estimated expenses in connection with the global offering – are estimated to be approximately HKD60.1 million.
The Hong Kong Public Offering kicked off yesterday at 9 a.m. and will end on September 3 at 12 p.m.
According to the report, the final offer price and results of allocation will be announced on September 10.
Under the stock code 1408, general trading of the shares of the engineering services solution will commence on September 11.
Through its listing on the Hong Kong Stock Exchange, the company aims to strengthen its financial position to further develop its capability as a contractor and participate in more large-scale construction projects.
Macau E&M Holding Limited is an E&M engineering services works contractor in Macau, with a history of working on private sector projects such as hotels and integrated entertainment resorts. As of June 30 2020, the group had 63 current projects. LV