Hong Kong-listed LET Group Holdings Ltd bought 269 million shares at a buy price of HK$0.186 each, bringing in a net profit of HK$48.5 million ($6.2 million).
The company said in a filing on Friday that under the exercise, its stake in the company held by controlling shareholder Andrew Lo Kai Bong fell to 72.07% from 74.98% before the operation.
LET Group, formerly known as Suncity Group Holdings Ltd, had an interest in several casino projects in the Asia-Pacific region, including Vietnam and the Philippines, in the course of its business.
The company is also interested in a hotel and gaming business called Tigred Crystal in the integrated entertainment zone of Primorsky Krai, near the Russian Pacific port of Vladivostok, through its Hong Kong-listed Summit Ascent Holdings and its division.
LET Group said in its announcement on Friday that "more than six" recipients, who are third parties independent of the company, accounted for the exercise shares. None of them became "substantial shareholders" of the company upon completion of the placement.
At the time of announcing the stock placement, the company said it planned to apply HK$19 million in its net placement process for the "interest repayment" of the HK$400 million outstanding loan provided to the company by "four independent third-party lenders" in September.
LET Group also planned to use HK$10 million to "settle settlement fees" in a net-batch process for revolving loans of up to HK$500 million offered by Summit Ascension, a deal announced last month.
It added that the remaining net profit of about HK$19.5 million at the time would go to ordinary working capital.
BY: 슬롯머신