ASIA ENERGY LOGISTICS GROUP LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
ASIA ENERGY LOGISTICS GROUP LIMITED
亞 洲 能 源 物 流 集 團 有 限 公 司
(Incorporated in Hong Kong with limited liability)
(Stock Code: 351)
ADDITIONAL INFORMATION RELATING TO THE ANNUAL
REPORT FOR THE YEAR ENDED 31 DECEMBER 2018
Reference is made to the annual report of Asia Energy Logistics Group Limited (the "Company") for the year ended 31 December 2018 (the "Annual Report"). Unless the context requires otherwise, terms used in this announcement shall have the same meanings as those defined in the Annual Report.
In addition to the information disclosed in the Annual Report, the board of directors of the Company (the "Board") wishes to provide additional information in relation to the use of net proceeds of approximately HK$17,310,000 raised from the placing of Convertible Bonds under the general mandate completed on 8 November 2018.
As disclosed in the Annual Report, HK$8,680,000 out of the net proceeds raised from the placing of the Convertible Bonds had been utilized as intended as follows:
Utilisation | |||||
As at 31 | |||||
December | Remaining | ||||
Intended Uses | Allocation | 2018 | Balance | ||
HK$ | HK$ | HK$ | |||
Staff salary and welfare | 9,000,000 | 4,500,000 | 4,500,000 | ||
Traveling and associated expenses | 1,500,000 | 600,000 | 900,000 | ||
Operation of the Railway Business | |||||
subsidiaries (Note) | 2,800,000 | 1,100,000 | 1,700,000 | ||
Rental, utilities and management fee | 1,200,000 | 460,000 | 740,000 | ||
Legal and professional fee | 1,500,000 | 1,500,000 | - | ||
Administrative expenses | 1,310,000 | 520,000 | 790,000 | ||
Total | |||||
17,310,000 | 8,680,000 | 8,630,000 | |||
Note: Such subsidiaries of the Company which carry on or will carry on the railway construction and operations business.
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The remaining balance of the net proceeds in the amount of approximately HK$8,630,000 was expected to be used as intended in the following manners during the six months ended
30 June 2019:
- HK$4,500,000 for payment of staff salary and welfare;
- HK$900,000 for payment of traveling and associated expenses;
- HK$1,700,000 for operation of the Railway Business subsidiaries;
- HK$740,000 for payment of rental, utilities and management fee; and
- HK$790,000 for payment of administrative expenses.
The remaining balance of the net proceeds of approximately HK$8,630,000 had been fully utilized as intended as at 30 June 2019.
The above additional information does not affect the contents of the Annual Report.
By order of the board of
Asia Energy Logistics Group Limited
Liang Jun
Executive Director
Hong Kong, 30 September 2019
As at the date of this announcement, the executive directors of the Company are Mr. Liang Jun, Mr. Fu Yongyuan and Mr. Wu Jian; the non-executive director of the Company is Mr. Yu Baodong (Chairman); and the independent non-executive directors of the Company are Mr. Chan Chi Yuen, Mr. Wong Cheuk Bun and Mr. Wong Yin Shun.
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Asia Energy Logistics Group Ltd. published this content on 30 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2019 08:37:07 UTC
