According to the Zhitong Finance App, SafeXun International (01953) announced that all conditions of the placement agreement have been fulfilled, and the completion was confirmed on October 29, 2026. In accordance with the terms and conditions of the placement agreement, the placement agent has successfully placed a total of 215 million shares to no less than six placement targets at the placement price of HK$0.973 per share, accounting for approximately 14.58% of the company's issued share capital after completion and expansion of the placement shares. According to the directors' knowledge, knowledge and conviction after making all reasonable inquiries, and as advised by the placement agent, (i) the placement target and their respective ultimate beneficial owners (if any) are independent third parties; and (ii) none of the placements became major shareholders of the Company after completion. The net proceeds from the placement (after deducting placement commissions and other related expenses and professional expenses) were approximately HK$208 million.
The Company intends to distribute the net proceeds of the placement in the following amounts and for the following purposes:
(i) The net proceeds of approximately 93.6 per cent or approximately HK$195 million were used for the working capital of the new energy power plant construction contract project. Approximately 59.0% or approximately HK$115 million of HK$195 million is expected to be used for projects related to the solar photovoltaic and energy storage contracts described in the Company's announcement dated October 21, 2026; while approximately 41.0% or approximately HK$80 million of the HK$195 million will be used for other projects in Southeast Asia and Africa that the Group expects to conclude in the first half of 2027. Proceeds will be mainly used for the following purposes, including but not limited to: procurement of equipment and materials, subcontract costs, on-site project management personnel costs, wages and accommodation costs for technical construction personnel, deposits and/or guarantees for various projects (if required), and maintenance services related to awarded projects and reserve projects. The proceeds are expected to be fully utilized by the end of June 2027.
(ii) Net proceeds of approximately 2.4% or HK$5 million were used for business development in Southeast Asia and Africa. The proceeds will be used to establish subsidiaries, rent offices, purchase vehicles and equipment, hire local personnel, hire local legal, financial and tax experts, and other market and business development costs to expand the company's business layout to other Southeast Asian and African countries. The proceeds are expected to be fully utilized before the end of 2027.
(iii) The net proceeds of approximately 4.0% or approximately HK$8.3 million were used for general working capital. The proceeds will be used to supplement the Group's daily working capital to meet the working capital requirements of its operations, including administrative, financial and legal expenses, and reserve capital buffers for the Group's business development, thereby ensuring the stable operation of the Group's overall business. The proceeds are expected to be fully utilized before the end of 2027.