Star East Holdings has raised HK$201.6 million through a top-up placement to bolster working capital, according to a company spokesman. The spokesman said last night the placement was completed yesterday. Earlier yesterday, Star East said it had agreed to buy stakes in United States-based Planet Hollywood International and a 50 per cent-owned subsidiary of the restaurant operator. In the placement, Star East's largest shareholders - ITC Corp and Tung Fong Hung - subscribed to 120 million shares at HK$1.68 each after selling the same number of stocks, the company said. The price represented a discount of 9.1 per cent to the company's closing yesterday of HK$1.85. Analysts said part of the placement's proceeds would fund stakes in the Planet Hollywood restaurant chain and its subsidiary. Star East said yesterday it had agreed to buy 8 per cent of Planet Hollywood International through the subscription of US$4 million worth of new shares. It said it would acquire a 33.3 per cent stake in Planet Hollywood Asia, a 50 per cent-owned Singapore-based subsidiary of Planet Hollywood International, for another US$4 million by buying new and existing shares. As part of the transaction, Star East, a Planet Hollywood International subsidiary called PlanetHollywood .com and two other investors will form a joint venture to be called PlanetHollywoodAsia .com. It will operate a Web site for the restaurant chain in Asian languages. Star East said it hoped to capitalise from linking its name to Planet Hollywood. However, analysts criticised the investment in financially troubled Planet Hollywood International. They pointed out the company had received permission only in January to reorganise according to the requirements of the United States Bankruptcy Code.