Imperial Pacific raises $100M

Hong Kong-based Imperial Pacific International Holdings Ltd. successfully raised $99.8 million during its share subscription and placing operation.

GRRAsia, an online newsletter about the casino industry in Asia, reported that the parent company of Best Sunshine International Ltd. was able to complete the sale of 510 million new shares, the proceeds of which will be used to finance its $7.1-billion integrated casino resort project on Saipan.

Mark A. Brown, president and CEO of Best Sunshine, said the company couldn’t be more happier with Imperial Pacific raising close to $100 million that will finance its projects on the island.

“We are very pleased with the successful completion of the share placements. We have been receiving very positive feedback from our investors. They are optimistic with the company’s vision and see the potential of [the] CNMI becoming the destination of choice for leisure travel among Asian travelers,” he said in an email to Saipan Tribune.

Saipan casino commissioners Alvaro Santos and Juan Sablan said they would be reserving comments on Best Sunshine’s activities here and abroad until such time they are able to meet with executives of the Imperial Pacific subsidiary.

Both said they expect to meet with Best Sunshine officials on island in the “next couple of weeks.”

The company’s filing at the Hong Kong Stock Exchange last Monday noted that it “issued 510,000,000 shares at HKD1.55 apiece. The placing shares represent approximately 5.99 percent of the firm’s enlarged capital.”

GRRAsia reported that the shares were allotted to “not less” than six places, which are independent third parties of the company.

“None of the places and their respective associates has become a substantial shareholder upon completion of the placing,” said Imperial Pacific, an investor in the profit stream of Macau junket firm Hengsheng Group.

Best Sunshine’s $7.1-billion integrated casino resort on Saipan involves the construction of 4,200 hotel rooms and 300 villas, a 600-seat theater, 10,000-square-meter casino floor, 10,000-square-meter retail area, over 20 F&B outlets, and a theme park.

Last Nov. 19, Imperial Pacific filed with the Hong Kong Stock Exchange that it has been allowed by the CNMI government to bring in outside investors and offer up to 49 percent of the issued share capital of the company.