Yang Zhihui, former chairman and executive director of Hong Kong-listed casino developer Xinhua World, is no longer the company\'s largest real shareholder after completing the rights issue.
His stake fell from just over 29% to less than 10%. Public shareholders were diluted to 26.45% from 36.16% after the rights issue. 바카라사이트
Xinhua is the founder of Jeju Shinhwa World (pictured), a complex with foreigner-only casinos, according to a report filed with the Hong Kong Stock Exchange on Monday.
In a filing on Monday, Xinhua World said it had estimated net income from the rights issue at a total of 258.6 million Hong Kong dollars ($33.1 million). The company held the exercise based on rights of two shares per share, adjusted for a subscription price of 0.26 Hong Kong dollars per share.
In a filing on Monday, Xinhua World said all 1,014,300,462 shares of the offering had been acquired through the subscription process. The move brings the total number of the company\'s adjusted shares to 1,521,450,693.
Following the completion of the rights issue, a company called Landing International Ltd. (the latter in which the issued share capital is wholly owned by Yang) now holds about 9.74% of the issued shares of Xinhua World, it said in a filing on Monday. Prior to the event, Yang was the largest real shareholder at 29.21% of Xinhua World.
Xinhua World\'s largest shareholders are Pauline Lam and Zhang Ting, who currently hold 17.96% and 16.67% respectively.
The underwriter and 16 subscribers raised by the underwriter hold a 29.18% stake in Xinhua World under the exercise of their rights, according to a filing on Monday.
Xinhua previously said rights issues were needed due to the company\'s "immediate funding needs" to "remain competitive" in its gaming and leisure business.
This follows a late June guide to rights issues. The company considered debt financing as a means of financing but was seen as a "less beneficial" route, indicating it could create "additional interest burden" and "pressure on liquidity" for the company, according to the same filing.
Mr Yang retired as chairman and executive director of Shinhwa World at the end of June 2023.