Up to us$ 101.2 million
Casino operator Macau Legend launches IPO
(Macau).- Casino operator Macau Legend Development 1680. HK launched last week an up to us$ 101.2 million initial public offering in Hong Kong, according to Reuters.
2013-06-12
Reading time 34 seg
(Macau).- Casino operator Macau Legend Development 1680. HK launched last week an up to us$ 101.2 million initial public offering in Hong Kong, according to Reuters.
The company and shareholders Lam Fong Ngo and Grand Bright are selling 2.05 billion shares in the offering, of which 86.2 % are new shares issued by Macau Legend, and the remainder existing stock from the two shareholders.
The shares are being offered in an indicative range of us$ 0.29-us$0.38 each.
About two-thirds of the proceeds of the offering will be used to build the Prague Harbor View Hotel and Palace Hotel, according to the term sheet, and the rest set aside for development of entertainment and shopping facilities, a yacht club and renovation of the Landmark Macau, among other things.
CLSA and Citic Securities, were hired as joint global coordinators, with Credit Suisse Group also acting as a joint bookrunner.
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