European gaming and leisure firm Palacino Holdings, a subsidiary of Hong Kong-listed property developer Far East Consortium International, announced details of its initial public offering (IPO) in Hong Kong on Monday.
The company is proposing to offer nearly 142.86 million shares, comprising 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 event, according to a prospectus released on Monday.
Palacino Holdings said it expects the global offering’s net profit to be “approximately HK$323.4 million (US$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 the integrated resort. Most of the athletes at the site are from neighboring Austria and Germany, according to corporate information. The company also operates three hotels in Germany and one in Austria.
Palacino Holdings also has a license issued by the Maltese Gaming Authority, which allows it to operate its online gaming business in the region, the filing said.
The IPO begins on Monday and closes on Thursday, March 21 at 12 p.m.
Palacino Holdings expects to start trading on the Hong Kong exchange on March 26, and on the same day “assuming a global offering will be unconditional at or before 8 a.m. in Hong Kong.”
The company said in its prospectus that about HK$194.1 million of IPO net proceeds would be used to “maintain and further solidify Palacino’s market position in the gaming industry in the Czech Republic through asset rehabilitation,” “expand the company’s gaming business in the Czech Republic, Central Europe or other markets through business or asset acquisition and/or new gaming license bids,” and “for additional working capital.”
About HK$129.3 million of net profit will be used for “general business purposes,” it added.
Based on the number of shares in the offering and the offering price, Palacino Holdings’ market capitalization will be approximately HK$2.08 billion, according to the prospectus.
Through its wholly owned subsidiary, the Far East Consortium will hold about 73.21% of the total number of shares issued by Palacino Holdings upon completion of the global offering, subject to no exercise of the overallocation option.
The parent company said Palacino Holdings’s split and segregated listing on the Hong Kong exchange would provide Palacino Holdings with a “separate financing platform,” better reflect values and improve “operational and financial transparency.”
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