Frontier Services : SUPPLEMENTAL INFORMATION TO 2018 ANNUAL REPORT
September 23, 2019 at 06:47 am EDT
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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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Frontier Services Group Limited published this content on 23 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2019 10:46:05 UTC
Frontier Services Group Limited is a Hong Kong-based investment holding company principally engaged in aviation, logistics and information businesses. The Company operates through three segments. Aviation and Logistics segment is engaged in the provision of aviation and logistics services. Financial Market Information segment is engaged in the provision of online financial market information. Direct Investments segment is engaged in direct investments. The Company mainly operates businesses in Africa and Europe. The Company is also involved in the provision of marketing and business development services, as well as the provision of freight forwarding services.