Hong Kong-listed Imperial Pacific International (IPI) has belatedly released its 1H22 financial results as it fights to stave off delisting from the Hong Kong Stock Exchange.
Publication of the company’s interim results for the six months to 30 June 2022 was one of a number of requirements put forward by the Hong Kong Stock Exchange as part of Resumption Guidance issued in late 2022.
IPI said in an overnight filing that it has complied with the vast majority of guidance, with the exception of Rule 13.24 of the Listing Rules. This rule, which states an issuer “shall carry out, directly or indirectly, a business with a sufficient level of operations and assets of sufficient value to support its operations to warrant the continued listing of the issuer’s securities,” remains problematic given that IPI’s sole asset – its Saipan casino Imperial Palace • Saipan – has been closed since March 2020 and its casino license suspended since April 2021.
Saipan’s casino regulator is also readying for a license revocation hearing later this month, while IPI is facing a winding up petition filed by a creditor – although it said overnight that a second winding-up petition has now been withdrawn.
“The Company is now actively seeking legal advice in respect of Petition I and will adopt all effective rescuing and releasing measures, including but not limited to proposing a debt restructuring plan to the creditors of the Company and seeking possible investment to raise funds for the Company,” it said.
IPI has asked for a decision on delisting from the Hong Kong Stock Exchange be deferred.
Meanwhile, the company’s 1H22 results announcement shows a loss attributable to owners of the company for the period of HK$487 million (US$62.3 million), widened from a HK$359 million (US$45.9 million) loss a year earlier.
Gross trade receivables accrued up to 30 June 2022 were HK$9.164 billion (US$1.17 billion).