Media Release: Zaige Waste Management Launches Prospectus To Raise $20 Million
Zaige Waste Management Holding Group (Aus) Ltd (“Zaige” or “Company”) is pleased to announce the successful lodgement of its Prospectus with the Australian Securities and Investments Commission (ASIC) and the commencement of the Company’s Roadshow presentations in order to raise up to $20 million and list on the Australian Securities Exchange (ASX). It is expected the Company will list on the ASX on Friday 29th December.
The Prospectus offers 100 million shares at an issue price of $0.20 per share to raise up to $20 million with a minimum share subscription of $14 million representing the issuing of 70 million shares at $0.20 per share. Following a successful capital raising and on listing, Zaige’s market cap will be in the range of $70 million to $76 million.
Zaige’s major organisational focus is the Zaige Business, a recycling company in Hebei Province, China, which Zaige owns indirectly through wholly owned subsidiaries (the Zaige Group). Currently, the materials processed and recycled by the Zaige Business are scrap steel and waste plastics. Once processed, these scrap materials are converted into crushed steel pellets, steel sheets, plastic chips, plastic granules and plastic industrial products.
In commenting on Zaige’s Prospectus launch Andrew Thomson, Non Executive Chairman of Zaige, said:
“We are very pleased to be in the process of transitioning into a listed company, and will work with enthusiasm and dedication in order to reach this key company milestone.
“We are seeking an ASX listing to provide Zaige with further funding to improve and expand the existing operations of the Zaige enterprises in China.
“Zaige’s capital raising and ASX listing will also provide funding to pursue the Company’s commercial objective of expanding the Zaige Business into Australia and allow Zaige to leverage Australia’s advanced recycling and waste management knowledge back into China.”
The funds raised will be used by Zaige to advance the establishment of the Zaige Business’ new market segment, which will focus on the recycling of tyres. Funds raised will be used for the construction of facilities and the acquisition of relevant equipment and training in order to process the wasted tyres.
Zaige will continue its Australian expansion objectives having recently undertaken a joint venture with an Australian waste management consultancy firm, Waste Audit. The capital raised will also be used to establish a Research Training Program in collaboration with Waste Audit and Deakin University, to develop new and innovative technologies for waste management.
The Company also intends to establish independent collection points for scrap materials and to upgrade existing machinery.
Following a successful launch in China on Friday 1st December, Zaige will begin its Roadshow presentations in Melbourne and Sydney this week. Beer & Co, based in Melbourne, is acting as the Lead Manager for the IPO.
Zaige Waste Management Holding Group (Aus) Ltd is an environmental protection enterprise of comprehensive renewable resource industry that integrates recycling, processing, utilization and research of renewable resources.
The Company owns, indirectly through its wholly owned subsidiaries, Zaige Business, which has been operational since 2009 and is focused on and generates revenue from the recycling of Scrap Materials and the sale of the Finished Products.
The Scrap Materials are processed and converted into Finished Products at the Zaige Group’s in-house processing facilities. The Finished Products are then sold to a variety of entities in China which include chemical factories and Chinese State-owned enterprises and private enterprises operating in the steel-making industry.
For more information and details about the Prospectus please visit: www.zaige.xin/en/
For further information please contact:
Rod North, Managing Director
Bourse Communications Pty Ltd
T: +613 9510 8309, M: +61 408 670 706