Hong Kong-listed casino developer Shin Hwa World Ltd, promoter of Jeju Shinhwa World (pictured), a complex with a foreigner-only casino in Jeju, South Korea, says it has raised a gross amount of just under HKD28.74 million (US$3.67 million) via a share subscription agreement.
The company stated in a Wednesday filing that the exercise had been concluded that day. It involved issuance of 845.25 million new shares, at HKD0.034 per subscription share.
In a March 4 announcement, the firm had said it would use approximately HKD14.0 million of the net proceeds for “upgrade, repair and maintenance of the existing building, equipment and facilities” within Jeju Shinhwa World.
It had stated another HKD10.0 million would be for “payment of interest expenses,” and approximately HKD4.5 million for “sales and marketing promotion and advertising expenses”.
Subsequent to the exercise, the public float in the firm is reduced to 31.78 percent, from 38.14 percent.
The biggest-single private shareholder remains the group’s founding chairman Yang Zhihui, though his stake is diluted to 29.21 percent, from 35.06 percent.
Mr Yang holds just over 1.48 billion shares indirectly through Landing International Ltd, a firm he wholly owns.
In June it had been announced that Mr Yang was retiring as a director of Shin Hwa World Ltd.
