Fenbo Holdings Limited plans to raise $5 million through the sale of new shares

HONG KONG, September 5, 2024 – (ACN Newswire) – Fenbo Holdings Limited, an established original equipment manufacturer (OEM) that manufactures electric hair styling products under the “Remington” brand, plans to raise up to $5 million through the sale of new shares in a follow-on deal following its IPO late last year, according to a company announcement in August.

Fenbo intends to use approximately 20% of the net proceeds to strengthen its research efforts for new product development; approximately 40% of the net proceeds to develop its own branded products; approximately 30% to build an expanded sales team to market its own branded products; and approximately 10% for general working capital, the filing said.

Based in Hong Kong, Fenbo has more than 30 years of experience in manufacturing personal care electric appliances (mainly electric hair styling products) and toy products for overseas markets. The company has also been an OEM and ODM for Spectrum Brands, a global household goods company and its sole customer, since 2006. The company manufactures electric hair styling products under the “Remington” brand, for which Spectrum Brands has usage rights and which are currently sold in Europe, the United States and Latin America, according to the company's website.