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Success Dragon shareholder Liu Shiwei poised to assume majority stake

Newsdesk by Newsdesk
Wed 16 Mar 2022 at 06:28
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A major shareholder in Hong Kong-listed Success Dragon International Holdings Ltd is poised to assume a controlling stake under a proposed rights issue aimed at raising HK$66.5 million (US$8.5 million) in funds for the company.

Liu Shiwei, who currently owns 27.4% of Success Dragon’s issued share capital, could see that stake rise to as much as 70.9% depending on how many other shareholders take part in the rights issue.

Under the proposal, Success Dragon – whose business segments include the provision of electronic gaming equipment management services to two Macau casinos – will issue Rights Shares on the basis of three Rights Shares for every two shares held by qualifying shareholders. The rights issue will increase the issued share capital of the company by more than 50%.

According to details filed with the Hong Kong Stock Exchange on Tuesday, Liu has agreed to subscribe to the full amount of rights shares available to him. However, he has also entered into an underwriting agreement with the company by which he will subscribe to any unsubscribed rights shares not placed with other shareholders. Assuming no other shareholders subscribe to the newly issued shares, Liu’s stake in the company would increase to 70.9%.

Such a scenario will also require him to make a mandatory offer under the HKSE’s Takeovers Code for all shares not already owned or agreed to be acquired by him and parties acting in concert with him. He will, the company revealed, apply for a Whitewash Waiver which, if granted, would allow him to avoid this mandatory offer.

Success Dragon said the net proceeds of the rights issue would be used for construction of a new plant in Henan Province, China, for its gold processing business.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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