Donaco raises AUD75 million for new projects

    Donaco International says it has binding commitments from investors for a placement of 56.39 million common shares to raise about $75 million ($69.2 million) for new projects. The company is selling the stock at A$1.33 each. Donaco said none of the funds will be used to finance the development of its new luxury resort in Lao Cai, Vietnam, which continues on budget and is scheduled to open in May. “We have never intended for Donaco to be a single-asset company. Accordingly we have continued to examine potential investments in other assets,” managing director and CEO Joey Lim said. Some of the deals are very close to fruition, he added, without giving details.