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FRONTIER SERVICES GROUP LIMITED
先 豐 服 務 集 團 有 限 公 司 *
(Incorporated in Bermuda with limited liability)
(Stock Code: 00500)
SUPPLEMENTAL INFORMATION TO 2018 ANNUAL REPORT
Reference is made to the annual report of Frontier Services Group Limited (the "Company", together with its subsidiaries, the "Group") for the year ended 31 December 2018 (the "2018 Annual Report") published on 25 April 2019. Capitalised terms used in this announcement shall have the same meanings as those defined in the 2018 Annual Report, unless otherwise defined.
The board of directors of the Company would like to provide the following supplemental information to page 14 of the 2018 Annual Report.
A detailed breakdown of the intended use of net proceeds set out in the circular of the Company dated 2 May 2018 (the "Circular"), the actual use of net proceeds up to 31 December 2018 and the expected timeline for utilising the unutilised net proceeds are set out below.
- For identification purposes only
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Intended | Actual use of | Unutilised | |||||
use of net | net proceeds | net proceeds | |||||
proceeds set | up to | as at | |||||
out in the | 31 December | 31 December | |||||
Circular | 2018 | 2018 | |||||
HK$'000 | HK$'000 | HK$'000 | |||||
Setting up businesses in Myanmar, Laos and Cambodia | 130,000 | 16,678 | 113,322 | ||||
Setting up businesses in Pakistan and Xinjiang, China | 120,800 | - | 120,800 | ||||
Expansion of businesses in Africa and Middle East | 70,767 | 49,207 | 21,560 | ||||
General working capital for the Group's existing | |||||||
business | 288,000 | 147,186 | 140,814 | ||||
Working capital for establishment of new offices along | |||||||
Belt and Road regions | 41,000 | - | 41,000 | ||||
Repayment of the Group's indebtedness | 180,000 | 176,092 | 3,908 | ||||
Total | 830,567 | 389,163 | 441,404 | ||||
The unutilised net proceeds for setting up businesses in Pakistan and Xinjiang, China are expected to be utilised by 31 May 2020, and the other unutilised net proceeds are expected to be utilised by 31 December 2019.
Save as disclosed above, all other information and content set out in the 2018 Annual Report remain unchanged. This announcement is supplemental to and should be read in conjunction with the 2018 Annual Report.
By Order of the Board
FRONTIER SERVICES GROUP LIMITED
Hua Dongyi
Chief Executive Officer and Executive Director
Hong Kong, 23 September 2019
As at the date of this announcement, the non-executive Director is Mr. Chang Zhenming (Chairman); the executive Directors are Mr. Erik D. Prince (Deputy Chairman), Mr. Ko Chun Shun, Johnson (Deputy Chairman), Mr. Luo Ning (Deputy Chairman), Dr. Hua Dongyi (Chief Executive Officer) and Mr. Hu Qinggang; and the independent non-executive Directors are Mr. Yap Fat Suan, Henry, Prof. Lee Hau Leung and Dr. Harold O. Demuren.
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