Macau (MNA) – The 13 Holdings Limited Board of Directors voted in favour of a company’s capital reorganisation and rights issue looking to raise some HK$1.74 billion in a meeting held this Friday.
The two proposals were approved with 99.9 per cent of votes in favour, with the capital reorganisation to be enforced on February 12 in order to credit some HK$1.82 billion into the company’s surplus to assist the company in paying dividends.
Upon the completion of the capital reorganisation, the company will attempt to raise nearly HK$1.74 billion through a rights issue offering and the placing of loan shares.
The company has also secured a HK$250 million bridge loan to keep up with the new schedule for the opening, that is to be repaid with the proceeds of the rights issue offering.
At the end of January, Hong Kong tycoon Stephen Hung resigned as Joint Chairman and Executive Director of The 13 Holdings Limited, with Peter Coker becoming the sole Chairman and Tom Lau Ko Yuen keeping his position as Deputy Chairman.
The change came after the company announced that it was delaying the opening of the property to a date on or before April 30, 2018, back from the previous March 31 date announced, noting that additional time was required for the value assessment of the property.
Since a company owned by Mr. Hung named Pride Wisdom Group Limited owns almost 9 per cent of the share capital of The 13 Holdings, the former Executive Director abstained from voting in regards to the rights issue decision.
