Imperial Pacific issues $150 million worth of shares

Casino developer and operator Imperial Pacific International Holdings has announced it has conditionally agreed to allot and issue a total of 1 billion shares to Ally High Limited at a subscription price of HK$0.15 per share.

Valued at HK$150 million ($19.3 million), the subscription shares represent approximately 0.71 percent of both existing issued share capital of the company and the total enlarged issued share capital of the company following completion, according to the company’s filing to the Hong Kong Stock Exchange on Friday.

In the same filing, Imperial Pacific also announced that it has been informed that its controlling shareholder, Inventive Star Ltd is also seeking to dispose 1 billion shares at the same price to “strategic partners” of the company, lending all proceeds in an interest-free shareholder’s loan for a term of two years to “finance the Group’s general working capital.”

The company said the amount would be used to offset the loan due from the company to the subscriber (Ally High Limited) of the same amount.

“The directors are of the view that the Subscription will provide a good opportunity to strengthen the financial position and broaden the shareholder and capital base of the group so as to facilitate its future development,” said the company.