Staff-conscious Soluteck eyes publicity, morale lift in listing

Soluteck, a provider of information technology solutions for banks and postal services, will place 60 million new shares and 30 million existing shares at 40 HK cents apiece on the Growth Enterprise Market (GEM).

The placement on January 3 would give the company net proceeds of HK$15.3 million.

DBS Asia Capital is the sponsor and lead manager of the deal.

Soluteck chairman Chung Lok Fai said the company had enough cash on hand and the listing was mainly a publicity vehicle.

'It [the listing] will raise the confidence of our clients and it's a good way to boost the morale of our staff,' he said.

Mr Chung said a portion of the shares would be allotted at half price to Soluteck staff.