ICO Group Limited — Capital/Financing Update 2020

Oct 29, 2020

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.

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(Incorporated in Bermuda with limited liability)

(Stock Code : 630)

COMPLETION OF PLACING OF NEW SHARES UNDER THE GENERAL MANDATE

Placing Agent

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The Board is pleased to announce that all conditions to the Placing Agreement have been fulfilled and completion of the Placing took place on 29 October 2020. A total of 370,000,000 Placing Shares have been successfully placed by the Placing Agent to not less than six Placees at Placing Price of HK$0.1 per Placing Share pursuant to the terms and conditions of the Placing Agreement.

References are made to the announcement of AMCO United Holding Limited (the “ Company ”) dated 6 October 2020 in relation to the placing of new shares under general mandate (the “ Announcement ”). Unless otherwise stated, capitalised terms used herein shall bear the same meanings as defined in the Announcement.

COMPLETION OF PLACING OF NEW SHARES UNDER GENERAL MANDATE

The Board is pleased to announce that all conditions to the Placing Agreement have been fulfilled and completion of the Placing took place on 29 October 2020. A total of 370,000,000 Placing Shares have been successfully placed by the Placing Agent to not less than six Placees at Placing Price of HK$0.1 per Placing Share pursuant to the terms and conditions of the Placing Agreement, representing approximately 15.30% of the issued share capital of the Company as enlarged by the allotment and issue of the Placing Shares immediately upon completion of the Placing.

• For identification purposes only

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To the best of the Directors’ knowledge, information and belief, having made all reasonable enquiries, the Placees and their respective ultimate beneficial owners (if any) are professional, institutional, or other investors who are third parties independent of the Company and its connected persons, the net proceeds (after deducting the placing commission and other related expenses and professional fees) from the Placing amounted to approximately HK$36.4 million. The Company intends to use such net proceeds of approximately HK$34.2 million for the Capital Injection and of approximately HK$2.2 million for the general working capital of the Group and improve the cash position of the Group which then can help establishing and strengthening the existing and future business of the Group.

SHAREHOLDING STRUCTURE OF THE COMPANY IMMEDIATELY BEFORE AND UPON COMPLETION OF THE PLACING

The shareholding structure of the Company immediately before and upon completion of the Placing is as follows:

	(i) Immediate before	(i) Immediate before	(ii) Immediate upon	(ii) Immediate upon
Name of Shareholders	completion	of the Placing	completion	of the Placing
		Approximate %		Approximate %
	Number of	of total Shares	Number of	of total Shares
	Shares held	in issue	Shares held	in issue
Public Shareholders:
The Placees	–	–	370,000,000	15.30
Other public Shareholders	2,048,879,481	100.00	2,048,879,481	84.70
Total	2,048,879,481	100.00	2,418,879,481	100.00

By order of the Board AMCO United Holding Limited ZHANG Hengxin Chairman and Managing Director

Hong Kong, 29 October 2020

As at the date of this announcement, Mr. Zhang Hengxin and Mr. Jia Minghui are the Executive Directors; and Mr. Chan Tsz Keung, Mr. Au Yeung Ming Yin Gordon and Mr. Guo Zhenhui are the Independent Non-executive Directors.

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