Shun Tak announced last week it plans to raise up to HK$1.95 billion (US$251 million) in a rights offering.

The rights shares that the ferry operator and property developer is offering represent an offer of three new rights shares for every eight ordinary shares currently held.

That represents 37.5 percent of the company’s share capital.

Shun Tak said it will raise a minimum of HK$1.65 billion and a maximum of HK$1.95 billion through the offering.

A stock exchange announcement said the proceeds of these will go towards the “general working capital purposes and for financing new investment opportunities.”

Underwriters for the rights offering include a company called Megaprosper Investments, which is fully-owned by Stanley Ho Hung Sun’s daughters Pansy Ho Chiu King, Daisy Ho Chiu Fung and Maisy Ho Chiu Ha.

Reports suggest that as an underwriter for a portion of the deal, Megaprosper will collect a commission of between HK$6.4 million and HK$9.5 million, or 27 percent of the total commission to be paid out by Shun Tak.