Shin Hwa plans to issue nearly US$26mln in bonds

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Shin Hwa plans to issue nearly US$26mln in bonds

Hong Kong-listed casino developer Shin Hwa World Ltd has announced a proposal to issue bonds to investors in the aggregate principal amount of up to HKD200.0 million (US$25.7 million), according to a Monday filing.

The bonds will carry interest in the range of 5 percent to 8 percent per year, with a maturity date of “up to 96 months” from the date of issue, stated the company. The bonds might be issued in one or more series, it added.

Shin Hwa World Ltd is the promoter of Jeju Shinhwa World, a complex with a foreigner-only casino in Jeju, South Korea.

“The directors are of the view that the proposed issue of bonds provides the company with an opportunity to raise long-term funds for its business development while broadening its source of funds,” said Shin Hwa World.

The firm completed in July a rights issue on the basis of two rights shares for every one adjusted share held on the record date, at a subscription price 온라인카지노사이트 of HKD0.26 per rights share. Net proceeds from the exercise totalled HKD258.6 million, according to Shin Hwa World.

The rights issue followed a capital reorganisation that became effective on June 17. It included a share consolidation and a capital reduction, which generated a surplus of about HKD45.6 million to the company.

In August Shin Hwa World reported a narrower loss of HKD231.5 million for first half of 2024, on revenue that rose by 25.5 percent year-on-year, to HKD524.7 million.