Macau-based electronic gaming equipment supplier Asia Pioneer Entertainment Holdings Limited is set to commence trading on the Growth Enterprise Market of The Hong Kong Stock Exchange on Wednesday 15 November after announcing details of its proposed listing on Monday.
APE plans to offer a total of 250 million shares comprising 25 million public offer shares and 225 million placing shares at an offer price between HK$0.24 and HK$0.36 per offer share. The public offering will open at 09:00 today (Tuesday 31 October 2017) and close at 12:00 on Friday 3 November.
APE is one of seven gaming machine agents in Macau approved by the DICJ to supply equipment to all six concessionaires and is the city’s largest electronic table game (ETG) supplier by revenue with 30.4% market share. Its operations includes the technical sales and distribution of electronic gaming equipment to casino operators, the provision of consulting services to manufacturers and technical services to both manufacturers and casino operators and the provision of repair services to casino operators.
APE’s Chairman, Allen Huie, said at press conference in Hong Kong attended by IAG on Monday that proceeds from the share offer would be used to source new products for the Macau market and to refurbish older machines. The company will also look at leasing equipment to Macau operators.
Southwest Securities (HK) Capital Limited is sole sponsor of the share offer and will act alongside Supreme China Securities Limited as joint bookrunners and joint lead managers.
In total, the offer will see 27.49% of APE’s existing shares go public with the other 72.51% held by directors of the company.
APE booked revenues in 2015 and 2016 of HK$48.17 million and HK$52.58 million respectively with net profit of approximately HK$12.76 million and HK$13.89 million.
It will list on the Hong Kong Stock Exchange under the stock code 8400.
