Description
Hong Kong-listed casino developer Shinhwa World, a promoter of Jeju Shinhwa World (pictured), a complex with foreigner-only casinos in Jeju, South Korea, said it has raised a total of less than HK$28.74 million (US$3.67 million) through a share subscription agreement. 홀짜게임
The company said in a filing on Wednesday that the event concluded that day. This included the issuance of 845.25 million new shares at HK$0.034 per subscription.
In an announcement on March 4, the company said it would use about HK$14 million of its net proceeds to "upgrade, repair and maintain existing buildings, equipment and facilities" within Jeju Myths World.
It said it would add HK$10 million to "pay interest" and about HK$4.5 million to "sales and marketing promotions and advertising costs."
After the event, the company's exchange-traded funds fall from 38.14% to 31.78%.
Yang Jihui, the largest single individual shareholder, remains the group's founding chairman, but his stake is diluted from 35.06% to 29.21%.
Yang indirectly holds just over 1.48 billion shares through his fully invested company, Landing International.
In June, news broke that Yang was retiring as a director of Shinhwa World Inc.