Feibo Holding (FEBO.US) plans to raise $5 million through a new share offering

Zhitong Finance learned from the disclosure document in August that Fenbo Holdings Limited (FEBO.US) plans to issue new shares to raise up to US$5 million. The company is a mature original equipment manufacturer (OEM) that focuses on producing electric hair care products under the "Remington" brand.

The disclosure shows that Fenbo plans to use about 20% of the net proceeds to enhance the R&D of new products; about 40% of the net proceeds to develop its own brand products; about 30% to form an expanded sales team to market its own brand products; and about 10% for general working capital.

Fenbo is headquartered in Hong Kong and has over 30 years of production experience, producing personal care appliances (mainly electric hair care products) and toy products and exporting to overseas markets. Since 2006, the company has also produced electric hair care products for its sole customer, Spectrum Brands, Inc., a global home essentials company, under OEM and ODM, which are sold in Europe, the United States and Latin America under the "Remington" brand licensed by Spectrum Brands.