Imperial Pacific International Holdings is aiming to raise funding, part of which will be used to finance a new casino project on the island of Saipan, through a new share placement.
The Hong Kong-listed company is to place a maximum of 510 million shares in order to raise US$99.8m, GGR Asia reports.
This will represent around 6.37 per cent of the company’s issued share capital.
“The board considers that the placing represents a good opportunity to broaden the shareholder base and capital base of the company and to raise certain required capital of the group,” it said in a filing.
Imperial’s Saipan casino project on the Pacific island will have a development cost of $7.1bn.
