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2003-4-30 06:10:00 p.m. HKT, XFNA
HK's Mobile Telecom to raise 33 mln hkd placing 110 mln shares/0.30 each
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HONG KONG (AFX-ASIA) - Mobile Telecom Network (Holdings) Ltd (8266.HK)
plans to raise 33 mln hkd and seek a listing on the Growth Enterprise Market
through the placement of 110 mln new shares at 0.30 hkd each.
Of the net proceeds of 26 mln, the company will deploy 7.9 mln to develop
mobile digital communication products and solutions and invest 11.6 mln in
related businesses and establish strategic alliances.
It will also use 1.55 mln to expand its sales network, 1.29 mln to
establish representative offices in China, 700,000 to upgrade research and
development facilities and the remainder as working capital.
Financial controller Matthew Leung said Mobile Telecom booked a loss of 4.
7 mln for the seven months to Oct 2002, adding the company will strive to
break even soon.
Its loss widened to 27.113 mln hkd for the year to March 2002 from 23.674
mln in the previous year.
Leung said, as at the end of Oct 2002, the company had cash on hand of 6.
8 mln, representing a gearing ratio of 51 pct. He expects the gearing ratio
to decline to 20 pct after the new share issue.
The company is 41 pct owned by chairman and CEO Chan Chung, 7.3 pct by
Vodatel Networks Holdings Ltd (8033.HK), 7.3 pct by Culturecom Holdings Ltd
(343.HK) and 5.4 pct by a subsidiary of Hutchison Whampoa Ltd (13.HK).
The company is engaged in development and distribution of mobile data
communications solutions and platforms.
Trading in the company's shares will commence on May 9.
peter.chan@afxnews.com
gl/dmo/rw/ptc/ds/tr
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