Forefront Group

Company News

7 April 2009 – Completion of the investment and increase holding in Carbon Fiber Industry in the PRC
On 7 April 2009, the company announced that the company through its indirect wholly-owned subsidiary, Ready Capital Ltd, completed its subscription in Excel Way at a reduced consideration of US$7.5 Million instead of at the original consideration of US$11 million and the effective interest in Tinhua remaining unchanged at 21.86% On the same day, the company further announced that the company indirect wholly-owned subsidiary, Harvest Peace Limited ("Harvest Peace") entered into a Sales & Purchase Agreement with Mr. Yeung Ming Kwong, Acting Chairman and Executive Director of the Company, & Mr. Zhang Hua ("Vendor") pursuant to which the Vendor agreed to sell and Harvest Peace agreed to purchase the entire issued share capital of Shinning Global Worldwide Ltd ("Shinning Global"). The acquisition consideration is HK$100 million and is to be satisfied by the issue of a HK$100million Convertible Note by the Company to Mr. Yeung Ming Kwong . After the acquisition, the Company will indirectly wholly own Excel Way, which in turn holds 42.86% of the registered capital of Tinhua. At the EGM of the Company held on 15 May 2009, independent shareholders approved the Group to enter into the Sales & Purchase Agreement and issue of the HK$100 million Convertible Note for the acquisition. On 18 May 2009, the acquisition completed by the Group and the company issues a HK$100 million convertible note to Mr. Yeung Ming Kwong to satisfy the acquisition consideration.
26 August 2008 – Invest in Carbon Fiber Industry in the PRC
On 26 August 2008, the Company announced that the company thought an indirect wholly-owned subsidiary, Ready Capital Ltd, entered into a subscription agreement with Excel Way Investments Ltd ("Excel Way") ., amongst other things, to subscribe for 51% of the enlarged issued share capital of Excel Way at an aggregate consideration of US$11 Million. At the EGM of the Company held on 15 October 2008, independent shareholders approved the Group to enter into the subscription agreement with Excel Way. Upon completion of the subscription agreement, the Company will hold an effective interest of 21.86% in Tinhua Excel Way Special Fiber (Xintai) Company Limited ("Tinhua"). Tinhua is a manufacturer of carbon fiber in the PRC.
26 August 2008 – Capital Reorganization
On 26 August 2008, the Company proposed that the nominal value of the issue share capital be reduced from HK$0.10 each to HK$0.025 by canceling HK$0.075 paid up capital on each share by way of capital reduction and every four issued reduced shares of HK$0.025 be consolidated into one consolidated share of HK$0.10. The capital reorganization was approved by shareholders at the EGM of the Company held on 15 October 2008 and approved by the Grand Court of Cayman Islands on 21 November 2008.
2nd July 2008 – Placing of new shares completed
The Company successfully placed 624,238,000 shares at HK$0.142 on 2 July 2008.
31 March 2008 – Termination of Scania Business
The Scania distributorship was formally terminated on 31 March 2008. The Group discontinued all related business regarding the Scania distributorship since 1 April 2008.
27 February 2008 – Resignation of chairman and executive director
On 27 February 2008, the company announced that Ms. Yau Shum Tek, Cindy (“Ms. Yau”) has resigned as chairman and executive director due to health reason. During the transitional period, Mr. Yeung Ming Kwong was appointed as acting chairman until new Chairman was appointed.
18 February 2008 – Termination of Distributorship
On 18 February 2008, The Board of Directors announces that the Company and its subsidiaries entered into two Asset Sale Agreements and one Memorandum of Understanding on 15 February 2008 (collectively “Agreements”) in relation to the disposal of certain assets in the approximately amount of HK$16.3 million and a subsidiary in PRC in the approximately amount of HK$2.2 million to a subsidiary of Scania. On completion of the Agreements, the distribution agreements as mentioned in the Company’s announcements dated 18 October 2007 and 15 October 2007 will be treated as expiry rather than original expiry from 26 October 2008.
29 January 2008 – Result of Rights Issue
The Rights Issue has completed and approximately 33.39% oversubscribed. Dealings in fully-paid Rights Shares on the Stock Exchange are expected to commence on Thursday, 31 January 2008.
4 December 2007 - Rights Issue on the basis of one Rights Share for every two existing shares
On 4 December 2007, the company announces to propose to raise not less than approximately HK$172 million after expenses by way of the Rights Issue of 892,906,512 Rights Shares to the qualifying shareholders at a price of HK$0.2 per Rights Share on the basis of one Rights Share for every two existing shares held on the 3 January 2008.
18 October 2007 - Acquire 50% interest of a Tianjin Automobile Business & Notification of Termination of Distributorship
Acquisition of 50% interest of a Tianjin Automobile Business On 11 October 2007, The Company through an indirect wholly-owned subsidiary entered into a Sale and Purchase Agreement to purchase the entire issued share capital of Leapfly Limited. Subject to the completion, Leapfly ultimately holds 50% equity interest in Tianjin Kai Sheng Automobile Service Co., Ltd. Tianjin Kai Sheng is a automobile service group which operates an automobile repair and sales center in Tianjin providing repair and after-sale services under the authorization of General Motor Asia, Inc. and Zhong Ji Subaru (Beijing) Vehichles Sales Co., Ltd. which is a sale agent of Subaru; and operates a 4-S (including sales and after-sales services) shop for automobiles in the brand name of Zhengzhou Nissan under the authorization granted by Zhengzhou Nissan Automobile Sales Company Limited. Apart from the above, Tianjin Kai Sheng also provides repairing services for imported automobiles under the brand names of Benz, BMW, Toyota, Honda, Ford, Chrysler, etc. Notification of Termination of Distributorship. The Company has received a letter dated 1 October 2007 from Scania stating that the distributor agreements for Hong Kong region and Macau region will expire and cease to apply after 26 October 2008. The Company considered that the termination of the above distributor agreements in not expected to have any material adverse financial impact to the Group as it is a loss making business.
13 September 2007 - Invest in a logistic group
On 13 September 2007 , an indirect wholly-owned subsidiary , Smart Oriental Limited , of the Company invested 40% of the enlarged issued share capital of Golden Fame International Investment Group Limited (the "GFIIGL"). The GFIIGL is a logistic group of companies which provides logistic services in Hong Kong and PRC.
21 August 2007 - Invest in development of e-ticketing system in PRC
On 21 August 2007, Great Journey Limited, an indirect wholly-owned subsidiary of the Company, entered into a sale and purchase agreement to purchase the entire issued share capital of Natural Harvest Investments Limited. Natural Harvest Investments Limited effectively holds 49% equity interest in a PRC Joint Venture (China Railway Information and Technology Limited). China Railway Information and Technology Limited will focus on the development, management and operation of an e-ticketing system for railway passengers and related railway freight cargo services in the PRC by utilizing the China Railway.
Web Portal in the near future. The purchase was completed on 7 September 2007
CRITL Opening Ceremony and Symposium (Beijing) Photos CRITL Opening Ceremony and Symposium (Beijing) Videos CRITL Opening Ceremony and Symposium (Beijing) Media Clippings
3 August 2007 - Purchase of properties
With the anticipated need of office spaces of the PRC enterprise that may become the Company's partner to develop and operate the mass transit ticketing project as well as other railway transportation and logistics related business. On 3 August 2007, Hostbest Limited, an indirect wholly-owned subsidiary of the Company entered into two sale & purchase agreements with vendor to acquire 22/F.This purchase was completed on 27 August 2007.
1 August 2007 - Acquisition of automobile business in Tianjin and cancellation
With the intention of the Group to widen its business in the PRC and further develop its automobile business. On 26 July 2007, Crown Creation Limited, an indirect wholly-owned subsidiary of the Company, entered into a sale and purchase agreement to purchase entire issue share capital of Leapfly Limited at a consideration of HK$39 million. Leapfly Limited is an investment holding company which holds an option to purchase 50% equity interest in registered capital of Tianjin Kai Sheng Automobile Service Co. Ltd and its scope of business includes provision of repair services for automobile and sales and distribution of Nissan motor vehicles. The option is exercisable at any time during a period of 2 years commencing on 1 September 2008 until 1 August 2010. However, the Stock Exchange of Hong Kong Limited considered that the Company's classification as a discloseable transaction with no shareholders' approval required and such classification is not in compliance with the Rule 14.75 of the Listing Rules. The Company therefore with the vendor's agreement cancelled the sales and purchase agreement by signing a cancellation agreement on 1 August 2007. The vendor fully refunded the deposit to the Group upon signing the cancellation agreement. Nevertheless, the Company may re-consider this proposed acquisition again in the future as and when the Company considers appropriate.
9 July 2007 - Placing of HK$750 million convertible notes
On 9 July 2007, the Company entered in to placing agreements through a placing agent to place, on underwritten basis, HK$150 million and on best effort basis to place HK$600 million convertible notes. The convertible notes mature dated on 3 December 2010 and at a conversion price of HK$0.5 per share. These placings were approved by an Extraordinary General Meeting of the Company held on 6 August 2007, the Company issued HK$150 million and HK$600 million convertible notes on 10 August 2007 and 16 August 2007 respectively of which HK$150 million had been converted into the Company's shares on 10 August 2007.
3 July 2007 - Placing of 229,856,000 share for HK$85 million
On 3 July 2007, the Company entered into a placing agreement on a fully underwritten basis, through a placing agent, to place 229,856,000 shares to independent investors at placing price of HK$0.38 per share, the 229,856,000 new shares were issued by the Company under the issue mandate. The subscription was completed on 12 July 2007. The Company received net proceed from the subscription of approximately HK$85 million and would be used for general working capital and/or development of mass transit transportation, logistics and related business investments.
29 June 2007 - Change of compay's name and increase authorized share capital to HK$1,000 million
At an Extraordinary General Meeting of the shareholders of the Company held on 29 June 2007, shareholders, by special resolution, approved the change of the English company name from "Forefront International Holdings Limited" to "Forefront Group Limited" and adopt "福方集團有限公司" as its new Chinese name for identification purpose in order to align the Company's objective to further develop its motor vehicle business and reflect the management's genuine wish to enhance the fruitful results for the benefit of the shareholders. At the same meeting, the shareholders of the Company also approved the increase in the authorized share capital of the Company from HK$130,000,000 divided into 1,300,000,000 share to HK$1,000,000,000 shares by the creation of additional 8,700,000,000 unissued share of HK$0.1 each. The increase is to accommodate future expansion and growth of the Group.
23 May 2007 - Placing of 191,548,000 shares for HK$48.4 million
On 23 May 2007, by top-up placing, the Company through a placing agent to place 191,548,000 shares to independent investors at the placing price of HK$0.26 per share, the placing completed on 4 June 2007, the Company received a net proceeds of approximately HK$48.4 million from the subscription which were intended to be used for working capital and settlement of remaining balance of investment costs to complete the incorporation of a subsidiary in Shenzhen.
18 April 2007 - Complete subscription of 488,447,736 shares for 98.5 million
On 7 December 2006 the Company entered into a subscription agreement with Wealth Style Limited under which the Company agreed to allot and issue not less than 51% and not more than 53.22% of the enlarged issue share capital of the Company, at a price per share of between HK$0.213 andHK$0.2293, thereby raising between HK$100 million and HK$104 million. The subscription was completed on 18 April 2007 and 488,447,736 shares were issued at HK$0.213 per share. The Company received net proceeds of approximately HK$98.5 million from the subscription for the Group's general working capital, to development of service centers and exhibition halls in PRC and possible development of an auto-leasing business in the PRC.
18 April 2007 - Resumption of trading in the Stock Exchange of Hong Kong Limited
The Company resumed the trading of its shares in the Stock Exchange of Hong Kong Limited on 18 April 2007 since the suspension of its trading from 14 May 2004.