GGRAsia – Louis XIII completes share upsize exercise

Louis XIII completes share upsize exercise

Jan 12, 2015 Newsdesk Industry Talk, Latest News, Macau, Top of the deck

The developer of a boutique Cotai casino says its agent has successfully completed an extra upsize option on a share placement for the project.

Hong Kong-listed Louis XIII Holdings Ltd said the upsize exercise raised gross proceeds of HKD531.1 million (US$68.5 million).

A total of 177,037,000 shares were placed at HKD3.00 per placing share. At the start of trading in Hong Kong on Monday, the firm’s stock stood at HKD3.69 per unit.

The firm said in a Friday filing to the Hong Kong Stock Exchange that since December 19, the company has raised an aggregate of nearly HKD2.17 billion. That included HKD1.56 billion under a share placing exercise, and a further HKD609.1 million from several upsizing procedures organised by its placing agent, Hong Kong-based CLSA Ltd.

The capital costs of the project were in 2013 estimated at US$800 million.

Casino Louis XIII – pictured under construction this month – will operate 66 gaming tables (50 premium mass and 16 VIP), according to previous regulatory filings.

The project, on a 65,000-square foot (6,039-sq metre) site on the border of Cotai and Coloane, in Macau, is due to be completed in the middle of 2016, said a filing on November 19.