Macau (MNA) – The 13 Holdings Limited has announced that it has managed to find subscribers for some 90.26 per cent of the total number of rights issue shares in a rights offering, a filing by the company with the Hong Kong Stock Exchange announced late on Monday.
The developer of the luxurious The 13 Hotel in Cotai has not disclosed the monetary amount corresponding to the issued shares.
The rights issue exercise allows cash-stripped companies to raise money by granting shareholders a chance to buy a company’s shares at a discount price to the trading price.
According to the filing, the percentage corresponds to 89 valid applications and acceptances in respect of a total of some 831 million rights issue shares received.
In October 2017, the company announced it was raising ‘urgent funds’ in the amount of some HK$2 billion (US$256.31 million) through a combination of funds, debt, and loans, stating it was planning to open its hotel on or before March 2018.
In one of its recent filings in February, the company confirmed it aims to open the property on or before April 30 this year, as previously announced, seeking to open its planned casino – with some 16 VIP tables and 50 slot machines – by March 31 2019.
