June 19, 2000

 

 

For Immediate Release

 

Total e-Solution Provider -

Excel Technology International Holdings Limited Proposed Listing on the GEM of SEHK

 

[June 19, 2000, HONG KONG] – Excel Technology International Holdings Limited (“Excel” or the “Group”; stock code: 8048) announced today its proposed listing plan on The Growth Enterprise Market (“GEM”) of The Stock Exchange of Hong Kong Limited (“Hong Kong Stock Exchange”).

 

Excel is a leading business application solutions provider in the banking and finance sector in Hong Kong, and is principally engaged in the development, sale and implementation of enterprise software. a company which owns and operates a multi-lingual portal offering on-line interactive games and on-line Internet services.

 

The Share Offer comprises a Placing and an Initial Public Offer.  share offer will initially be for Initial Public Offer and the remaining 85%, maximum up to 127,500,000 shares, will be initially offered for subscription under the Placing. 0, 2000. -height:125%;layout-grid-mode:char'>In March 2000, the Group and iBusiness formed a joint venture, i21 Limited ('i21'), to operate ASP Business under the brandname 'i21'. har'>Ms. Peggy Chan, Chairman of Excel, stated that the Group is very optimistic about the enterprise software market. ='text-align:justify;text-justify:inter-ideograph; line-height:125%;layout-grid-mode:char'>The impact of the Internet presents a significant opportunity for IT service providers, especially those who have Internet capabilities and applicable systems. -fareast-font-family:MingLiU'> 

In addressing the future plans and prospects for the Group, Ms Chan said, 'One of Excel's strengths is our strong portfolio of IT partners, including Sun Microsystems, CISCO, Oracle, Microsoft and Compaq. siness into the PRC and Southeast Asia. ning:1.0pt; mso-ansi-language:EN-US;mso-fareast-language:ZH-TW;mso-bidi-language:AR-SA'>

The net proceeds of the Offer, after deducting related expenses, are estimated to about HK$188 million (based on an Offer Price HK$1.4). char'>-           approximately HK$40 million for the development of the ASP Business;

 

-           approximately HK$20 million for research and development of new enterprise software;

 

-           approximately HK$20 million for the Group's geographical expansion into the PRC and Southeast Asia;

 

-           approximately HK$10 million for setting up the e-Centre;

 

-           approximately HK$10 million for marketing and promotional activities;

 

-           approximately HK$50 million for acquisitions of and investments in companies and businesses which fit into the Group's business strategy;

 

-         the balance of approximately HK$38 million as general working capital; and

 

-         in the event the Over-allotment Option is exercised in full, the additional net proceeds of approximately HK$30 million will be applied by the Group as additional general working capital.

 

Ms. Chan concluded, “]>Ends –/span>

At a Glance Factsheet

 

 

Issue size

 

:

Approx. HK$207 - 210 million

Issue price

 

:

HK$ 1.35 - 1.40 per share

Offer structure

w          Placing

w          Public Offer

 

 

 

85%

15%

 

Dealings expected to commence

:

Friday, June 30, 2000

 

 

 

TRADING RECORD

 

The consolidated audited results of the Group for the two years ended December 31, 1999 are summarized below:

 

 

 

Year ended Dec 31

 

 

 

 

1998

1999

 

 

 

 

HK$’000

HK$’000

 

 

 

Turnover

74,984

98,071

 

 

 

Profit/ (Loss) from operations

3,058

(10,319)

 

 

 

Profit/ (Loss) from ordinary activities before taxation

2,489

(10,885)

 

 

 

Profit/ (Loss) for the year

1,725

(10,658)