GGRAsia – Imperial Pacific completes US$100 mln share placing

Imperial Pacific completes US$100 mln share placing

Dec 16, 2014 Newsdesk Industry Talk, Latest News

Hong Kong-listed Imperial Pacific International Holdings Ltd said it has successfully completed a share subscription and placing operation, raising net proceeds of about HKD774 million (US$99.8 million).

The funds will be used as general working capital, including to finance Imperial Pacific’s casino project on the Pacific island of Saipan. The total development cost of the casino project is estimated at US$7.1 billion, the company said in September.

Imperial Pacific – an investor in the profit stream of Macau junket firm Hengsheng Group – issued 510,000,000 shares at HKD1.55 apiece, it said in a filing to the Hong Kong Stock Exchange on Monday.

The placing shares represent approximately 5.99 percent of the firm’s enlarged capital.

The shares have been allotted to “not less” than six placees, who are independent third parties of the company. “None of the placees and their respective associates has become a substantial shareholder upon completion of the placing,” Imperial Pacific said.

The company had said in a previous filing that the placing would be “a good opportunity to broaden the shareholder base and capital base of the company”.