GGRAsia – Amax completes US$1.2 mln share placing

Amax completes US$1.2 mln share placing

Dec 03, 2014 Newsdesk Industry Talk, Latest News

Casino investor Amax International Holdings Ltd said it has successfully completed a subscription and placing, raising net proceeds of HKD9.06 million (US$1.17 million). The firm issued 9,900,000 shares to the subscriber at HKD0.93 per share, it said in a filing to the Hong Kong Stock Exchange on Tuesday.

“The net proceeds from the subscription … will be utilised for general working capital and investment of the group,” Amax International said.

The placing shares represent approximately 3.71 percent of the issued share capital as enlarged, it added.

The shares have been allotted to six placees, “who and whose ultimate beneficial owners are third parties independent of the company and its connected persons,” the firm said, without disclosing details.

After the subscription, Ng Man Sun, chairman and chief executive of Amax International, remains the largest shareholder of the company with a 14.58-percent stake.

The firm last week posted a loss attributable to shareholders, of HKD17.77 million for the first half fiscal 2014 ending September 30.