ESun seeks to raise HK$1b from rights issue

ESun Holdings, which is controlled by Lai Sun Development, plans to raise about HK$1.03 billion from a rights issue to fund its Macao Studio City project. The company will issue between 413.58 million and 414.51 million rights shares at a subscription price of HK$2.50 each on the basis of one rights share for every two existing eSun shares held by qualified shareholders. ESun intends to use HK$936 million of the net proceeds to finance the Macao Studio City project and the balance of about HK$77 million for general working capital purposes.