LET Group raises US$6.2m from share issuance
The issuance represents approximately 3.88 per cent of all issued shares.
The Philippines.- LET Group Holdings Ltd, the former Suncity Group, has raised HK$48.5m (US$6.2m) through the placement of 269m shares at a price of HKD 0.186 each. The issuance represents approximately 3.88 per cent of all issued shares.
In a filing on Friday (February 24), LET Group said it plans to use HK$19m (US$2.42m) from the net proceeds to repay an outstanding loan of HK$400m (US$51m) that was advanced to the company by four independent third-party lenders last September.
The remaining HK$10m (US$1.27m) will be used to settle the arrangement fee for a revolving loan of up to HK$500m (US$64m) provided by subsidiary Summit Ascent Holdings Ltd, a deal that was announced last month.
Last November, Major Success Group acquired 5.018bn shares – approximately 75.25 per cent of all issued shares. The company controlled by Andrew Lo Kai Bong, a former business associate of ex-Macau junket boss Alvin Chau Cheok Wa, paid HK$0.069 (US$0.00892) per share after making an original offer of HK$0.0029 per share.