Leisure and Resorts World Corp. (LRWC) will be raising P2.1 billion through a private placement from eight companies.
LRWC said it will be issuing 1.27 million shares to Colonial Group Holdings Corp., Euphonious Holdings Inc., Euhatan Holdings Inc., Leisure Advantage Inc., Globalist Technology Co. Ltd., Catchy Solutions Ltd. and XII Capital Inc. at an offer price of P1.65.
LRWC closed at P1.36 apiece.
The company said the subscription agreements for the private placement “expressly reserve the right of the subscribers to assign its right to subscribe to its affiliates, associates, or other third parties.”
The private placement follows shareholders’ approval in January of the company’s fund raising.
The proceeds from the fund raising exercise will be used to refinance debts and for general corporate purposes.
As of end-September 2021, LRWC had P3.59 billion in liabilities.
LRWC is primarily in the business of gaming, recreation, leisure and lease of property.
