Ashurst advised Loco Hong Kong on HK17 million placing of new shares
01 December 2020
Global law firm Ashurst represented Loco Hong Kong Holdings Limited (8162.HK, "Loco Hong Kong") on a HK$17 million placing of 115,000,000 new shares issued under a general mandate.
The placing of new shares are allotted under a general mandate at a placing price of HK$0.148 per placing share. The newly allotted placing shares represent approximately 19.96% of the existing issued share capital of Loco Hong Kong as of 26 November 2020 and approximately 16.64% of the issued share capital as enlarged by the allotment and the completion of placing. Caitong International Securities Company Limited, as placing agent, agreed to procure not less than six placees on a best effort basis pursuant to the placing agreement.
Loco Hong Kong is a fully integrated metals trader and processor based in Hong Kong, listed on the Growth Enterprise Market ("GEM") of The Stock Exchange of Hong Kong by way of placing. Loco Hong Kong is principally engaged in the trading of metals, including silver, gold and tin, and the processing of silver products in Hong Kong. It is one of the few reputable metal traders in Hong Kong which has its own fully integrated processing facilities and is capable of providing a diverse range of silver products to international customers.
The Ashurst team was led by partner Frank Bi, assisted by Christy Li.
