On a net basis, the exercise amounted to nearly HK$1.62 billion ($288.8 million), according to Wednesday's filing with the Hong Kong Stock Exchange by Summit Ascension.
The plan, which will include three rights stocks for each of the two held on record dates, will see Sun City Group Holdings, led by Macau junket boss Alvin Chow-Chukwah, holding 69.66% of the Hong Kong-listed Summit Ascent.
Suncity Group Holdings previously held a roughly 24.74% stake in Summit Ascent, but shareholders of the former approved the move to increase its ownership in early September. The latter company is the main founder of the Tigred Crystal Casino complex (pictured) in the integrated entertainment zone of Primorye near Vladivostok in Russia's Far East.
According to a Wednesday press release jointly released by Suncity Group Holdings and Summit Ascent, Summit Ascent's financial results will be accounted for as a subsidiary of Suncity Group Holdings and linked to the latter's financial statements.
Summit Ascent said in a September filing that it expects more than half of the proceeds from the rights issue to go toward new investments in Philippine casinos, which are part of the Manila West Side City project. The casino project in the Philippine capital is being developed by SunTrust Home Developers, a company controlled by Sun City Group Holdings.
Summit Ascent said the Philippine market, which had a high economic growth rate at the time, offered a better outlook and explained that the Russian Federation had a "poor economic environment" and "bureaucratic uncertainty" at the national level.
But in a joint press release on Wednesday, the companies said: "Tigr de Crystal benefits from a lower gaming tax than other gaming jurisdictions like Macau.
BY: 온라인 슬롯
