Lai Sun's ESun Unit to Raise HK$1.03 Billion in Rights Offer

ESun Holdings Ltd., the media unit of Hong Kong developer Lai Sun Development Co., plans to raise about HK$1.03 billion ($132 million) in a rights offer to help fund a project in Macau.
The company intends to issue as many as 414.5 million shares for HK$2.50 each on the basis of one rights share for every two existing shares held, according to a statement sent late yesterday to the Hong Kong stock exchange.
The company plans to use about HK$936 million of the proceeds to finance the Macau Studio City project, it said. ESun closed at HK$3.53 in Hong Kong on March 5, the last day they traded before they were suspended.