(Hong Kong – March 24, 2004) – Solomon Systech (International) Limited (“Solomon Systech” or the “Group”, SEHK 2878), an independent fabless semiconductor company specializing in the design, development and sale of proprietary integrated circuit (“IC”) solutions, today announced the details of its proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited.
The global offer of a total of 603,582,000 shares consists of 537,186,000 international placing shares and 66,396,000 Hong Kong public offering shares initially, subject to the Over-allotment Option.
The offer price ranges from HK$1.60 to HK$2.05 per share, with the final price expected to be determined on Wednesday, March 31, 2004 (Hong Kong time). The net proceeds of the share offer will amount to approximately HK$589 million (assuming that the over-allotment option is not exercised and based on the offer price of HK$1.825 per share, being the mid-point of the indicative offer price range) and will increase to HK$750 million if the Over-allotment Option is exercised in full. Share will be traded in board lots of 2,000 shares.
The net proceeds will be used for product research and development, investment in securing capacity, operational infrastructure for expansion, working capital and other general corporate purposes.
The Hong Kong public offer will open at 9:00am Thursday, March 25, 2004 and will close at 12:00 noon Tuesday, March 30, 2004. The allotment results announcement will be made on or before Wednesday, April 7, 2004. Dealings in the shares of Solomon Systech is expected to commence on the Main Board of The Hong Kong Stock Exchange Limited on Thursday, April 8, 2004 under stock code 2878.
J.P. Morgan Securities (Asia Pacific) Limited is the global coordinator, sponsor and sole bookrunner of the listing.