Gamma Logistics Lists on HKEX's GEM Board
Gamma Logistics Corporation successfully listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange on August 22, 2013. The company raised approximately HK$40 million through the offering.
Hong Kong-based integrated logistics and freight services provider, Gamma Logistics Corporation, successfully listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange on August 22, 2013. The offering saw the company raise approximately HK$40 million in net proceeds after deducting listing-related expenses.
The share placement comprised 200,000,000 shares offered at HK$0.25 per share. The stock opened at HK$0.275 and closed the trading day at the same price.
The net proceeds are allocated for various strategic initiatives aimed at expanding the company's operations. Approximately 32.5% will be used for the acquisition of remaining equity in a shipping company. Another 22.5% is designated for developing value-added logistics and distribution services for international brands in Hong Kong, while 18.5% will fund the expansion of air freight forwarding business.
Law Wong Fung, Chairman of Gamma Logistics, described the listing as a significant milestone. "Having established a strong foundation in land and sea freight services in Hong Kong over the years, this listing provides us with greater resources to further develop our freight forwarding business and enhance our value-added services," he stated. The company aims to leverage its existing network to strengthen its market position as a comprehensive logistics service provider.