on Thursday, SLG said it had from the outset prioritised redeeming its outstanding redeemable convertible preference shares held by Penang Development Corp with the IPO proceeds, stating this order of priority in its preliminary prospectus."In view that the total gross proceeds is approximately S$5.81 million, the use of proceeds was updated accordingly and none of the gross proceeds from the placement would go towards expansion and working capital purposes," SLG said.
Under an investment agreement inked in 2016 to finance one of the group's two parks, Penang Development Corp holds two million preference shares, with a maturity date in June 2021. The investment agreement also gives Penang Development Corp the right to take over all of the group's principal subsidiary, in the event of a payment default or certain other conditions.
SLG runs two theme parks in Penang – Escape Adventureplay and Escape Waterplay – with a third set to open in the first half this year. The group also has plans to expand into China and South-east Asia, with Bangkok, Jakarta, Manila and Ho Chi Minh City named as potential sites.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Redeeming preference shares with IPO proceeds was priority from the start: Sim Leisure GroupINVESTORS in theme park operator Sim Leisure Group (SLG) will make known how they feel about the majority of its initial public offering (IPO) money going into redemption of S$5.6 million in preference shares, when it debuts on Friday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Singapore Pools CEO Seah Chin Siong heads to SIMTHE Singapore Institute of Management (SIM) has appointed Seah Chin Siong as its new president and chief executive officer (CEO), effective May 1. Mr Seah is the CEO of Singapore Pools, a role he has held since January 2015. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
CPF Board and SIM get new chief executivesTHE Central Provident Fund Board (CPF Board) and Singapore Institute of Management (SIM) are both getting new chiefs soon. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Redeeming preference shares with IPO proceeds was priority from the start: Sim Leisure GroupINVESTORS in theme park operator Sim Leisure Group (SLG) will make known how they feel about the majority of its initial public offering (IPO) money going into redemption of S$5.6 million in preference shares, when it debuts on Friday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
CPF Board and SIM get new chief executivesTHE Central Provident Fund Board (CPF Board) and Singapore Institute of Management (SIM) are both getting new chiefs soon. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Singapore Pools CEO Seah Chin Siong heads to SIMTHE Singapore Institute of Management (SIM) has appointed Seah Chin Siong as its new president and chief executive officer (CEO), effective May 1. Mr Seah is the CEO of Singapore Pools, a role he has held since January 2015. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »