Hong Kong-listed casino developer Shinhwa World Inc., the founder of Jeju Shinhwa World (pictured), a complex with foreigner-only casinos in Jeju, South Korea, said it raised just under HK$28.74 million ($3.67 million) through a stock subscription contract.

The company said in a filing on Wednesday that the event was completed that day. It issued 845.25 million new shares at HK$0.034 per subscription share.

The company said in a March 4 announcement that about HK$14 million of its net proceeds will be used for "upgrade, repair and maintenance of existing buildings, equipment and facilities" within Jeju Shinhwa World.

It said another 10 million Hong Kong dollars was for "paying interest expenses" and about 4.5 million Hong Kong dollars was for "sales and marketing promotion and advertising expenses".

After training, the company's public bankruptcy decreases from 38.14% to 31.78%.

Chairman Yang Zhihui, the largest individual shareholder, remains the group's founding chairman, but his stake has been diluted from 35.06% to 29.21%.

Yang indirectly holds just over 1.48 billion shares through a company he owns entirely, Landing International Inc.

In June, it was announced that Yang will retire as a director of Shinhwa World Inc.

BY: 바카라사이트