Binhai Investment Company Ltd
Binhai Investment Proposed Share Consolidation and Change in Board Lot Size, Improved Asset Potential
Immediate Release 30 March 2015 (Stock code: 2886.HK) Binhai Investment Proposed Share Consolidation and (30 March 2015 – Hong Kong) Binhai Investment Company Limited (“BICL” or the “Company”, stock code: 2886.HK) is pleased to announce that, the Board proposes to implement the Share Consolidation and proposes change in board lot size. The Company’s share will consolidate on the basis that every 10 issued and unissued Existing Ordinary Shares of HK$0.01 each in the share capital of the Company be consolidated into 1 Consolidated Ordinary Share of HK$0.10 each. BICL said the Company does not have any market financing plan and the purpose of the Share Consolidation is not to facilitate any immediate equity fund raising activities of the Company. The Share Consolidation is conditional upon, among other things, the approval of Shareholders at the AGM. Also, the board lot size for trading will be changed from 4,000 Existing Ordinary Shares to 2,000 Consolidated Ordinary Shares upon the Share Consolidation becoming effective. Mr. Zhang Bingjun, Chairman of BICL, said “The purpose of the Share Consolidation is not to facilitate any immediate equity fund raising activities of the Company. Since the restructuring of the Group and the resumption of trading of the Existing Ordinary Shares on GEM in 2009, through a series of resources integration and decent management, we have considerably enhanced its scale of assets, profitability and market capitalization. Coupled with the relatively stable growth in the operational results of the natural gas business, we have already reached a higher platform than before its reorganization. We thus consider that the par value and adjusted share price of each Consolidated Ordinary Share will more reasonably reflect the present scale, profitability and asset value of the Company. These will make investing in the ordinary shares of the Company more attractive to a broader range of investors and will thus help to further broaden the shareholder base of the Company.” ~End~ About Binhai Investment Company Limited (Stock code: 2886.HK) Binhai Investment Company Limited is principally engaged in the provision of connection services for its gas pipeline networks and sale of gases in the PRC. The Company listed on the main board in Hong Kong on 11 February 2014 (Stock code: 2886). Its market coverage reaches over 6 provinces and 2 cities. With the benefits of the abundant resources in Tianjin, the economic center in Bohai Rim area, and leveraging on the rapid development in Binhai New Area, the Company ties in with the thriving development in Binhai New area with a brand new image to strengthen its principal operation, gas business, expand business scale and foster organic growth. For detailed information of the Company, please visit the website of the Company at http://www.binhaiinv.com This press release is distributed by Wonderful Sky Limited on behalf of Binhai Investment Company Limited. For details, please contact: Wonderful Sky Financial Group Limited End of Press Release +++++ Document: http://n.equitystory.com/c/fncls.ssp?u=LRLVSNSMOK Document title: Binhai Investment Proposed Share Consolidation and Change in Board Lot Size, Improved Asset Potential Key word(s): Miscellaneous 31/03/2015 UTC+8 Dissemination of a Press Release, transmitted by EQS TodayIR – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com |
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