Image Source Asian Gaming Brief
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
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