Asiaray Media Group Limited (“Asiaray” or the “Group”; stock code: 1993), a leading out-of-home (“OOH”) media company with a strategic focus on airport and metro line advertising, signed the Subscription Agreement with Ant Financial Services Group (“Ant Financial”) which will become a strategic shareholder of Asiaray.
Pursuant to the Subscription Agreement, Ant Financial has conditionally agreed to subscribe for a total of 35,675,676 Subscription Shares at the Subscription Price of HK$4.10 per Subscription Share. The net proceeds from the issue of the Subscription Shares is estimated at approximately HK$142.8 million. Upon the Completion of the subscription, Ant Financial will hold approximately 7.50% of the enlarged total number of issued Shares of Asiaray. And Asiaray intends to use the net proceeds as general working capital and for funding projects in the PRC and Singapore.
Mr. LAM Tak Hing, Vincent, Founder, Chairman and Executive Director of Asiaray, said, “I am very pleased that the Group has secured a shareholder in such a reputable corporation as Ant Financial. Our new shareholder has great confidence in Asiaray’s business model, competitive strengths and prospects. Apart from strengthening our financial position for expanding our business, we also look forward to exploring any other cooperation possibilities with Ant Financial in fields that can generate synergies for our existing business, allowing us to create sustainable value for our shareholders.”
Ant Financial Services Group is an affiliate company of the Chinese Alibaba Group. It is the highest valued FinTech company in the world primarily engaged in financial services including creating an open, shared credit system and financial services platform through technology innovations, and to provide consumers and small businesses with safe and convenient inclusive financial services globally.
SOURCE Asiaray Media Group Limited