Far East Consortium Casino Business Forecasts $41M With Hong Kong IPO

European gaming and leisure company Palacino Holdings, a subsidiary of Hong Kong-listed real estate developer Far East Consortium International, announced its IPO details in Hong Kong on Monday.

The company is proposing to offer nearly 142.86 million shares, consisting of 85.71 million new shares and 57.14 million existing shares, globally. The number of public offerings in Hong Kong accounts for 10% of the events, according to a prospectus released on Monday.

Palacino Holdings said it expects net income from the global offering to be “about HK$323.4 million ($41.4 million) after deducting acquisition fees and other expenses based on the offering price of HK$2.60 per Palacino offering.”

Palasino Holdings operates three land casinos in the Czech Republic, one of which is located within an integrated resort. According to corporate information, the athletes at the venue are mostly from neighboring Austria and Germany. The company also operates three hotels in Germany and one in Austria.

Palacino Holdings also has a license issued by the Malta Gaming Authority, which allows it to operate its online gaming business in the region, the filing said.

The IPO starts Monday and closes Thursday, March 21 at 12:00 p.m.

Palacino Holdings expects to open trading on the Hong Kong exchange on March 26, with the same day “assuming a global offering is unconditional in Hong Kong at or before 8 a.m..”

The company said in its prospectus that approximately HK$194.1 million of the IPO’s net proceeds will be used to “maintain and further consolidate Palacino’s market position in the gaming industry within the Czech Republic through asset rehabilitation,” “expand the company’s gaming business in Czech, Central Europe or other markets through business or asset acquisition and/or new gaming license bids,” and “for additional working capital.”

It added that about HK$129.3 million of its net profit would be used for “general business use”.

Based on the number of shares under offer and the offering price, Palacino Holdings will have a market capitalization of approximately HK$2.08 billion, according to the prospectus.

The Far East Consortium will hold approximately 73.21% of the total number of shares issued by Palacino Holdings upon completion of the global offering through its wholly owned subsidiary, subject to the failure to exercise the option of overallocation.

The parent company said Palacino Holdings’ split and separate listing on the Hong Kong exchange would provide Palacino Holdings with a “separate financing platform,” better reflect value and improve “operational and financial transparency.”

BY: 온라인경마사이트

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