Shin Hwa World Revamps Capital Structure, Eyes Fresh Funds

On June 17, Shin Hwa World, the company behind Jeju Shinhwa World, a casino exclusive to foreigners in South Korea, completed a capital reorganization.

The plan to lower capital and combine shares in order to fortify the company’s financial structure was approved by shareholders.

Ten of the current HK$0.01 shares are combined into one HK$0.10 share through consolidation. In addition, fractional shares are eliminated, giving Shin Hwa a profit of HK$45.6 million.

This paves the way for a rights issue, wherein existing owners will be able to purchase additional shares at a reduced price.

To bolster its finances, the company plans to raise HK$263.7 million, or US$33.8 million.

Original Story by: Asian Gaming Brief