Casino operator Stanley Ho Hung-sun is set to further tighten his grip on China Sci-Tech Holdings by making an additional subscription in the company's latest open share offer.
Mr Ho's holding in the company could rise from 16.5 per cent to as much as 24.12 per cent after the offer is completed.
The company yesterday announced it would raise about $490 million through an offer of about 1.55 billion shares and the placing of 947.92 million new shares.
The money raised will be used to help finance the purchase announced two weeks ago of a 32.82 per cent controlling interest in cash-rich technology firm China Online.
Mr Ho, China Sci-Tech's largest single shareholder with his 16.5 per cent stake, had provided 'an irrevocable undertaking' that he would take up his assured allotment of 255.78 million shares in the open offer, the company said.
Moreover, he would also subscribe for an additional number of not more than 296.3 million shares by means of an excess application.