Louis XIII investors approve fund raising plan

    Shareholders in Louis XIII Holdings have approved a plan to raise funds to finance the company’s Macau casino project. Under the plan, Canada’s Ontario Teachers’ Pension Plan will subscribe to US$38.7 million worth of convertible bonds that can be converted into common stock at HK$8.23. The company is also placing 17.12 million shares at the same price to raise $141.33 million. The foundations of the casino are expected to be completed by April or May next year and construction should be finished by the second quarter of 2016.