Pharmaceutical distributor New Ray Medicine International Holdings Ltd. (08180.HK) aims to cap its gearing ratio at 20 percent, following a jump in the ratio during the last two years.
The company said the liability ratio has been increasing in the past two years after it obtained loans for its listing on Hong Kong’s Growth Enterprise Market and borrowed 8.5 million yuan (US$1.39 million) for the procurement of pharmaceutical products.
Chairman and executive director Zhou Ling said the Zhejiang-based company will further expand its operation in second and third-tier cities, offer products to more district hospitals and medical institutions and obtain new product distribution rights with commercial potential.
New Ray Medicine seeks to raise HK$70 million (US$8.97 million) by offering a total of 280 million shares at 25 HK cents each. The offer shares have been slightly oversubscribed, it said.
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