CONTEL (01912) granted waiver from compliance with minimum public float requirement

CONTEL (01912) announces that immediately after the close of the offer, following Mr. Lin Qiang's resignation as director from the date of publication of the closing announcement and as at the date of the closing announcement, upon the transfer of the offer shares validly accepted as received being duly registered by the transfer registrar, a total of 109 million shares (representing approximately 23.66% of the total number of issued shares of the Company as at the date of the closing announcement) are held by the public. Accordingly, with effect from the date of the closing announcement, the Company does not comply with the 25% minimum public float requirement under Rule 13.32B of the Listing Rules. However, there has not been a serious lack of public float. Following the close of the offer, the Company has applied to the Stock Exchange for a temporary waiver from strict compliance with Rule 13.32B of the Listing Rules (the Waiver). On 22 September 2026, the Stock Exchange granted the Waiver for the period from 11 September 2026 to 6 November 2026, subject to disclosure of the details of and reasons for the Waiver by way of announcement. The Stock Exchange may withdraw or vary the Waiver if the circumstances of the Company change. The Offeror and the Company are taking appropriate measures to restore the required minimum public float as soon as practicable. The Offeror will first seek to sell a sufficient number of shares through the open market and will assess the results of such open market sales in October 2026. Depending on the results of such open market sales, the Offeror may, if necessary, concurrently appoint a placing agent to place a sufficient number of shares to independent third parties, so as to comply with Rule 13.32B of the Listing Rules within the period granted under the Waiver. The Company will make further announcement(s) in relation to the restoration of the minimum public float in a timely manner in accordance with the Listing Rules.