GGRAsia – Imperial Pacific to raise funds for Saipan casino project

Imperial Pacific to raise funds for Saipan casino project

Dec 03, 2014 Newsdesk Latest News, Top of the deck, World

Hong Kong-listed Imperial Pacific International Holdings Ltd said it agreed to place a maximum of 510 million new shares in a bid to raise HKD774 million (US$99.8 million). The funds will be used as general working capital, including financing the relevant costs and expenses for the casino project on the Pacific island of Saipan (pictured), the firm said in a filing.

The new shares will be placed at HKD1.55 apiece, a discount of approximately 7.19 percent to the closing price of HKD1.67 per share on Tuesday.

“The maximum gross proceeds and the maximum net proceeds from the placing will be approximately HKD791 million and HKD774 million respectively,” the company said.

The maximum number of placing shares represents about 6.37 percent of the entire issued share capital of the firm and approximately 5.99 percent of the enlarged capital.

“The board considers that the placing represents a good opportunity to broaden the shareholder base and capital base of the company and to raise certain required capital of the group,” said Tuesday’s filing.

In late September, Imperial Pacific – an investor in the profit stream of Macau junket firm Hengsheng Group – said in a filing that the total development cost for its casino project on Saipan was now estimated at about US$7.1 billion.

The firm last month said it will be allowed by the authorities in Saipan to bring in outside investors up to a limit of 49 percent of the issued share capital of the company.