Sandmartin International Holdings Limited (Stock Code: 482) released a supplemental announcement addressing changes to its proposed capital reorganisation and rights issue on a one-for-one basis. The rights issue remains non-underwritten. The company noted it will now offer unsubscribed rights shares to independent placees, replacing its earlier plan for an excess application arrangement. Morton Securities Limited was appointed as the placing agent on a best-effort basis to handle any unsubscribed shares.

The announcement highlighted a shift in the use of proceeds. The company aims to prioritize repayment of “Loan B,” given the possibility of waiving half of its outstanding interest if US$10.00 million of the principal and part of the interest are paid by 30 June 2026. The revised target for net proceeds is HK$90.20 million, allocated partly to principal repayment and partly to outstanding interest. If the new funds are insufficient to fully secure the interest waiver, the company intends to channel any available proceeds first to outstanding interest payments, then to principal repayments of existing borrowings.

The company also announced a revised timetable, tentatively placing the effective date of the capital reorganisation on 25 March 2026 and setting 23 April 2026 as the latest date for acceptance and payment of the rights issue. Any unsubscribed rights shares will be placed by Morton Securities Limited by 4 May 2026, with premium net gains returned to shareholders who did not fully subscribe. The announcement cautioned that the rights issue and capital reorganisation remain conditional on final approvals and may not proceed if these conditions are not met.