Sandmartin International Holdings Limited reported the final outcome of its one-for-one, non-underwritten rights issue, confirming that all conditions outlined in the 9 April 2026 prospectus have been satisfied and the transaction became unconditional on 4 May 2026.

A total of 55.45 million rights shares, or 45.07 % of the 123.04 million shares on offer, were accepted by existing shareholders at HK$0.75 per share. The remaining 67.59 million unsubscribed shares (54.93 %) were placed through a compensatory arrangement. By the close of placing, 66.90 million shares (54.37 % of the offer) had been successfully allocated to four independent placees at the subscription price, leaving no residual net gain for non-participating shareholders.

Gross proceeds reached HK$91.80 million, while estimated professional fees and related expenses of HK$2.90 million reduced net proceeds to HK$88.90 million. In line with the prospectus, the company intends to direct roughly HK$78.40 million (88.2 % of net proceeds) toward partial repayment of Loan B principal and HK$10.50 million (11.8 %) toward outstanding Loan B interest accrued to 31 December 2025.

Post-issue, Sandmartin INTL’s issued share capital expanded from 123.04 million to 245.39 million shares. Public shareholders now hold 99.78 million shares, representing 40.66 % of the enlarged share base. Key movements include:

• First Steamship and subsidiary Grand Citi jointly rising marginally to 42.20 % (103.61 million shares). • New placee Peng Chih Chi acquiring 28.00 million shares, equal to 11.41 % of the company. • Other placees, including Vigor Online Offshore Limited and S&R Electronic Technology Limited, collectively holding 38.90 million shares, or 15.86 %. • Metroasset Investments’ stake diluted from 11.40 % to 5.71 %. • Legacy Trust Company remains with 18.71 million shares, now 7.63 % of the enlarged total.

Fully-paid rights share certificates are slated for dispatch on 11 May 2026, with trading on the Stock Exchange expected to start on 12 May 2026.