Donaco Confirms $10M Capital Through Qualification Offe
Australian-listed casino operator Donaco International said it had successfully completed a share exercise it flagged earlier this month, raising A$14.4 million at its current exchange rate before the cost.
Proceeds from the exercise, known as the rights offer, will be "used to meet upcoming repayment requirements" under a debt facility with Mega International Commercial Bank Co. Ltd., also known as Mega Bank.
Some of the funds used will be used as "working capital" separately in connection with Poipet's Star Vegas resort and club on the Thai-Cambodian border, two casino complexes run by Donaco, and Laoqai's Aristo International Hotel on the China-Vietnam border.
"The funds raised will allow Donaco to continue to fulfill its debt obligations and provide financial stability to the company," Donaco said in a filing with the Australian Stock Exchange on Monday.
The company added that the COVID-19 pandemic and subsequent restrictions on international travel have "significantly impacted the level of sponsorship" at casinos.
Cambodia's government has mandated the closure of all casinos in the country since April 1, but signaled a phase of reopening as long as safety measures are followed in early July. The Vietnamese government has ordered the closure of casinos in the country amid the threat of COVID-19.
With limited capacity, only this scheme in Vietnam has resumed operations. GGRAsia contacted Donaco to ask for an explanation as to whether its casino operations in Cambodia can resume operations.
Donaco had previously disclosed that Megabank had agreed to delay certain repayments under its debt facility from June 2020 to December 2020.
The offer was fully acquired by the two men, the casino operator said: Liebig Huey and Liebig Tong, who now own a 17.99% stake in Donaco. The two investors had previously sued Donaco Group.
After completing the qualification offer and related acquisitions, the two men in their roles as underwriters will see their relevant interest in the company increase to 42.12%.
"We are pleased to advise that the funding raised through the proposal will work to ensure the business remains in a healthy position during the unprecedented COVID-19 pandemic," Donaco Chairman Mel Ashton said in a filing on Monday
BY: 카지노사이트
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