Casino services firm China Star Entertainment Ltd has appointed Donvex Capital Ltd to advise on the issue of convertible bonds in a deal worth up to HKD405 million (US$52.3 million) to be issued to Mung Kin Keung, a co-chairman and executive director of the company.
China Star, which controls Casino Lan Kwai Fong (pictured) on the Macau peninsula, said earlier this month it was raising about HKD538.5 million to expand its hotel and gaming operations.
Mr Mung is chairman of Hong Kong Airlines Ltd and is described as having extensive business experience and business contacts in mainland China.
The convertible bonds are to be issued in a maximum of five tranches and will be convertible at a price of HKD0.09 per share, a discount of 28 percent to China Star’s closing share price in Hong Kong trading on July 8, when the deal was announced.
Donvex Capital will advise the independent board committee and the independent shareholders on the deal, the company said in a filing on Wednesday.
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