Operator News
Saipan – Imperial Pacific looks to convert bonds to raise HK$46m
By Phil - 20 June 2017
Hong Kong listed Imperial Pacific International (IPI) wants to raise HK$46m by placing convertible bonds.
It will use the funds to finish Phase 1 of its Imperial Pacific Resort project in Saipan.
In a filing to the Hong Kong Stock Exchange, Imperial Pacific said: “The net proceeds of the placing of approximately HK$46m will be applied towards Phase 1 of the Saipan Project and the general working capital of the Group. The Directors consider raising funds by issuing Convertible Bonds is justifiable which represent an opportunity for the Company to enhance its working capital and strengthen its capital base and financial position. The Directors consider that the issue of the Convertible Bonds is an appropriate means of raising additional capital for the Company since it will not have an immediate dilution effect on the shareholding of the existing Shareholders.”
The resort’s original opening date of March 2017 was put back following construction delays. It was recently granted a 16-month extension on its opening deadline.
