IDT Int’l (00167) announced an extension of the Long Stop Date for its proposed placing of new shares under a general mandate. According to the latest information, the completion date has been extended from March 6, 2026, to March 13, 2026, granting additional time to procure investors under the arrangement.
The announcement outlined supplemental details regarding the Placing’s rationale and intended allocation of proceeds. As disclosed, the company plans to direct approximately HK$80.35 million to develop an Internet of Things, cloud, and AI data infrastructure to support next-generation AI-integrated health wearables. The initiative focuses on building domestically hosted data infrastructure in the PRC, primarily due to regulatory requirements for handling sensitive personal information.
The company expects to roll out the initiative in two phases, concluding by the end of 2026. The total estimated capital expenditure is reported at around HK$80.35 million. The remainder of the net proceeds, also around HK$80.35 million, will be allocated to general working capital, including settlement of trade payables, procurement of electronic components and buffer inventory, and strengthening the Group’s research and development workforce.
Based on the announcement, the Placing involves a maximum of 86,666,436 new shares. The gross proceeds are estimated to be HK$162.93 million, with net proceeds of approximately HK$160.70 million after deducting expenses. The Placing remains subject to the fulfilment of its condition precedent and the Placing Agent’s right to terminate under agreed terms.
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